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  • Acela Inv. LLC v. DiFalco

    Publication Date: 2020-05-13
    Practice Area: Corporate Entities
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Peter B. Ladig and Brett M. McCartney, Bayard, P.A., Wilmington, DE for plaintiffs.
    for defendant: Carmella P. Keener, Cooch and Taylor, P.A., Wilmington, DE; William T. Reid IV, Michael Yoder, Jordan L. Vimont, and Ryan M. Goldstein, Reid Collins & Tsai LLP, Austin, TX for defendants.
    Case Number: D68974

    Liquidating trustee reasonably concluded that one asset purchase bid was superior to the other where the accepted bid was an all-cash offer that would help the company's depleted cash reserves and where the rejected bid had an unacceptable risk component as to the bidder's ability to commercialize the company's IP to pay the royalty component.

  • Bouchard v. Braidy Indus., Inc.

    Publication Date: 2020-05-13
    Practice Area: Corporate Entities
    Industry: Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Kevin R. Shannon, Christopher N. Kelly, Mathew A. Golden, Potter Anderson & Corroon LLP, Wilmington, DE; Kahn A. Scolnick, Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Lindsey S. Young, Gibson, Dunn & Crutcher LLP, Palo Alto, CA for plaintiff.
    for defendant: Richard P. Rollo, John T. Miraglia, Richards, Layton & Finger, P.A., Wilmington, DE for defendant.
    Case Number: D68976

    Individual defendants dismissed for lack of personal jurisdiction where their contractual consent to certain equitable remedies did not constitute a waiver of jurisdictional defenses.

  • In re GoPro, Inc. Stockholder Derivative Litig.

    Publication Date: 2020-05-13
    Practice Area: Corporate Governance
    Industry: Consumer Products | Investments and Investment Advisory | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Seth D. Rigrodsky, Brian D. Long and Gina M. Serra, Rigrodsky & Long, P.A., Wilmington, DE; Melinda A. Nicholson and Ni-colas Kravitz of Kahn Swick & Foti, LLC, New Orleans, LA for lead plaintiffs.
    for defendant: R. Judson Scaggs, Jr., Susan W. Waesco and Riley T. Svikhart, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Susan S. Muck, Catherine D. Kevane, and Marie C. Bafus, Fenwick & West LLP, San Francisco, California for director defendants and nominal defendant GoPro, Inc.
    Case Number: D68979

    Plaintiffs in this stockholder derivative matter failed to demonstrate demand futility. The court found that demand was not excused, so it granted defendants' motion to dismiss.

  • Extell DV LLC v. Hemeyer

    Publication Date: 2020-05-06
    Practice Area: Corporate Governance
    Industry: Hospitality and Lodging
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Thomas W. Briggs, Jr. and Jarett W. Horowitz, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; John R. Lund and Adam E. Weinacker, Parsons Behle & Latimer, Salt Lake City, UT for plaintiff.
    for defendant: Catherine G. Dearlove Andrew J. Peach, Richards, Layton & Finger, P.A., Wilmington, DE; Scott A. Hagen, Gregory S. Roberts, and Beth J. Ranschau, Ray Quinney & Nebeker P.C., Salt Lake City, UT for defendants.
    Case Number: D68967

    Mere participation by LLC minority members in the negotiation of the LLC agreements, without knowledge, intent, or participation to form the LLC specifically in Delaware was insufficient to find the transacting of business in Delaware so as to exercise long-arm personal jurisdiction over the out-of-state minority members.

  • Elburn v. Albanese

    Publication Date: 2020-05-06
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: David A. Jenkins, Neal C. Belgam, and Jennifer M. Rutter, Smith Katzenstein & Jenkins LLP, Wilmington, DE; Steven J. Purcell, Douglas E. Julie, Robert H. Lefkowitz, and Kaitlyn T. Devenyns, Purcell Julie & Lefkowitz LLP, New York, NY for plaintiff.
    for defendant: Kenneth J. Nachbar, Megan Ward Cascio, Zi-Xiang Shen, and Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for defendants.
    Case Number: D68966

    Motion to dismiss derivative complaint denied where plaintiff's allegation of an explicit quid pro quo among directors provided sufficient particularity to plead demand futility.

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    New Jersey Local Government Deskbook 2024

    Authors: Thomas P. Scrivo, Steven H. Sholk, Gibbons P.C.

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  • Highway to Health, Inc. v. Bohn

    Publication Date: 2020-04-29
    Practice Area: Corporate Entities
    Industry: Insurance | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Bouchard
    Attorneys: For plaintiff: Jody C. Barillare, Morgan, Lewis & Bockius LLP, Wilmington, DE; Brian W. Shaffer and John M. Lupton IV of Morgan, Lewis & Bockius LLP, Philadelphia, PA for plaintiffs.
    for defendant: Jami B. Nimeroff, Brown McGarry Nimeroff , Wilmington, DE; Mary Kay Brown and Raymond McGarry of Brown McGarry Nimeroff LLC, Philadelphia, PA for defendants.
    Case Number: D68961

    The court lacked personal jurisdiction over defendants under either the state's long-arm statute or a forum selection clause contained in a stockholder agreement. Motion to dismiss granted.

  • Preston Hollow Capital LLC v. Nuveen LLC

    Publication Date: 2020-04-22
    Practice Area: Business Torts
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: R. Judson Scaggs, Jr., Barnaby Grzaslewicz and Elizabeth A. Mullin, Morris Nichols Arsht & Tunnel, Wilmington, DE; David H. Wollmuth, R. Scott Thompson, Michael C. Ledley, Sean P. McGonigle, William A. Maher, Nicole C. Rende and Jay S. Han-dlin, Wollmuth Maher & Deutsch LLP, New York, NY for plaintiff.
    for defendant: Peter J. Walsh, Jr., Jennifer C. Wasson, David A. Seal and Robert J. Kumor, Potter Anderson & Corroon LLP, Wilmington, DE; Eva W. Cole, John E. Schreiber, Molly M. Donovan, Joseph A. Litman and Mikaela E. Evans-Aziz, Winston & Strawn LLP, New York, NY for defendants.
    Case Number: D68954

    Defendants intentionally interfered with plaintiff's business relationships, but plaintiff did not seek damages and was not enti-tled to equitable relief.

  • Maverick Therapeutics, Inc. v. Harpoon Therapeutics, Inc.

    Publication Date: 2020-04-22
    Practice Area: Contracts
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: : Jody C. Barillare, Morgan, Lewis & Bockius LLP, Wilmington, DE; Rollin B. Chippey II and Benjamin P. Smith, Morgan, Lewis & Bockius LLP, San Francisco, CA for plaintiff.
    for defendant: John P. DiTomo, Elizabeth A. Mullin, and Aubrey J. Morin, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; John Ruskusky and Lisa C. Sullivan, Nixon Peabody, LLP, Chicago, IL for plaintiff-Intervenor. Gregory P. Williams, Steven J. Fineman, Nicole K. Pedi, and Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; Martin S. Schenker and Benjamin H. Kleine, of Cooley, LLP, San Francisco, CA; Michelle S. Rhyu, Cooley, LLP, Palo Alto, CA for defendant.
    Case Number: D68952

    Defendant fraudulently induced plaintiff's investment into spin-out company by representing broad definition of transferred technology while knowingly limiting transfer to the spin-off and continuing to work on technology outside the narrow definition.

  • Zachman v. Real Time Cloud Serv., LLC

    Publication Date: 2020-04-15
    Practice Area: Corporate Entities
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff:
    for defendant: Edward McNally and Kathleen Murphy, Morris James LLP, Wilmington, DE for defendants and intervenor.
    Case Number: D68949

    Defendants breached their fiduciary duty in calculating the value of plaintiff's interest in a limited liability company at zero, so the court awarded damages to plaintiff.

  • Bay Capital Finance, LLC v. Barnes & Noble Educ., Inc.

    Publication Date: 2020-04-15
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Sean J. Bellew, Bellew LLC, Wilmington, DE; David A. Felice, Bailey & Glasser LLP, Wilmington, DE; Martin F. Cunniff, Ruyak Cherian LLP, Washington, DC for plaintiff.
    for defendant: Raymond J. DiCamillo, Robert L. Burns, Kevin M. Gallagher, Eliezer Y. Feinstein, and Brian S. Yu, Richards, Layton & Finger, P.A., Wilmington, DE; Adam Offenhartz, Aric H. Wu, David F. Crowley-Buck, and Peter M. Wade, Gibson,Dunn & Crutcher LLP, New York, NY for defendants.
    Case Number: D68942

    Stockholder's breach of fiduciary duty claim against chairman dismissed where chairman had not exercised authority to reject stockholder's nomination notice, which was instead considered and rejected by the full board.