• Laidlaw v. GigAcquisitions2, LLC

    Publication Date: 2023-03-14
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Michael J. Barry, Grant & Eisenhoffer, P.A., Wilmington, DE; Michael Klausner, Stanford, CA, attorneys for plaintiff;
    for defendant: John L. Reed, Ronald N. Brown & Kelly L. Freund, DLA Piper LLP (US), Wilmington, DE; Melanie E. Walker & Gaspard Rappoport, DLA Piper LLP (US), Los Angeles, CA, attorneys for defendants.

    Case Number: 2021-0821-LWW

    Breach of fiduciary duty claims arising from SPAC merger could proceed where plaintiff plausibly pled claims under entire fairness review by asserting that proxy statement contained material misstatements and omissions.

  • In re McDonald's Corp. Stockholder Derivative Litig.

    Publication Date: 2023-03-14
    Practice Area: Corporate Governance
    Industry: Food and Beverage | Investments and Investment Advisory | Retail
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Michael J. Barry, Christine M. Mackintosh, Rebecca A. Musarra, Vivek Upadhya, Michael D. Bell, Grant & Eisenhoffer P.A., Wilmington, DE; Barbara J. Hart, Grant & Eisenhoffer P.A., New York, NY; Geoffrey M. Johnson, Scott+Scott Attorneys At Law LLP, Cleveland Heights, OH; Jing-Li Yu, Scott+Scott Attorneys At Law LLP, New York, NY; Max R. Huffman, Scott+Scott Attorneys At Law LLP, San Diego, CA; Jeffrey M. Norton, Benjamin D. Baker, Newman Ferrara LLP, New York, NY for plaintiffs.
    for defendant: Garrett B. Moritz, S. Reiko Rogozen, Holly E. Newell, Ross Aronstam & Moritz LLP, Wilmington, DE; Ronald L. Olson, George M. Garvey, Robert L. Dell Angelo, Brian R. Boessenecker, Munger, Tolles & Olson LLP, Los Angeles, CA; Daniel C. Herr, Law Offices of Daniel C. Herr LLC, Wilmington, DE; Shawn P. Naunton, Kathleen M. Miller, Julie M. O’Dell, Jason Z. Miller, Smith, Katzenstein & Jenkins LLP, Wilmington, DE for defendants.

    Case Number: 2021-0324-JTL

    The court granted defendant's motion to dismiss because plaintiff shareholders failed to plead facts sufficient to establish a claim for breach of fiduciary duty arising out of employee lawsuits and damaged reputation that resulted from the company's directors' decision to ignore red flags pertaining to a corporate culture that condoned sexual harassment and misconduct.

  • In re Lordstown Motors Corp.

    Publication Date: 2023-03-07
    Practice Area: Corporate Entities
    Industry: Automotive | Investments and Investment Advisory | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Raymond J. DiCamillo, Kevin M. Gallagher, Alexander M. Krischik, Edmond S. Kim, Nicholas F. Mastria, Richards, Layton & Finger, P.A., Wilmington, DE for petitioner.
    for defendant: NA

    Case Number: 2023-0083-LWW

    Court approved de-SPAC transaction approved by Class A and Class B common stockholders voting as single class where company conducted stockholder vote in good faith belief as to its validity, the transaction was treated as effective by the equities markets, and significant harm could come to the company in the absence of validation.

  • Columbus Life Ins. Co. v. Wilmington Trust Co.

    Publication Date: 2023-02-28
    Practice Area: Insurance Law
    Industry: Insurance | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Wallace
    Attorneys: For plaintiff: Donald L. Gouge, Donald L. Gouge, Jr., LLC, Wilmington, DE; Michael J. Miller, Joseph M. Kelleher, Charles J. Vinicombe, Phillip J. Farinella, Cozen O’Connor, Philadelphia, PA for plaintiff.
    for defendant: Steven L. Caponi, Matthew B. Goeller, K&L Gates LLP, Wilmington, DE; Steven Sklaver, Krysta Kauble Pachman, Susman Godfrey LLP, Los Angeles, CA; Ari Ruben, Susman Godfrey LLP, New York, NY for defendants.

    Case Number: N19C-11-175-PRW CCLD

    Court declined summary judgment on fraud claims arising from stranger-originated life insurance policies as the parties had genuine factual disputes over whether each acted knowingly or recklessly in maintaining the policies despite having knowledge or inquiry notice as to the void nature of the insurance policies.

  • HighTower Holding, LLC v. Gibson

    Publication Date: 2023-02-21
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Daniel C. Herr, Law Office of Daniel C. Herr LLC, Wilmington, DE; Matthew D. Henneman, Scott D. Smith, Henneman Rau Kirklin & Smith LLP, Houston, TX for plaintiff.
    for defendant: John H. Newcomer, Jr., Morris James LLP, Wilmington, DE; Andrew P. Campbell, Todd Campbell, Erin G. Godwin, Campbell Partners, LLC, Birmingham, AL for defendant.

    Case Number: 2022-0086-LWW

    Preliminary injunction denied where plaintiff was unlikely to succeed on merits of breach of non-compete claim where Alabama law would likely apply despite the parties' Delaware choice-of-law provision as the non-compete would offend Alabama public policy and give it the weightier interest in the case.

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  • Malkani v. Cunningham

    Publication Date: 2023-02-21
    Practice Area: Corporate Entities
    Industry: Health Care | Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Philip Trainer, Jr., Marie M. Degnan, Randall J. Teti, Ashby & Geddes, Wilmington, DE; Marcos D. Jimenez, Marcos D. Jimenez, P.A., Miami, FL for plaintiffs.
    for defendant: Ryan P. Newell, Lakshmi A. Muthu, Tara C. Pakrouh, Michael A. Carbonara, Jr., Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Heyden, Jr., Joseph E. Brenner, Gordon Rees Scully Mansukhani, LLP, Wilmington, DE for defendants.

    Case Number: 2020-1004-SG

    Parties had reached valid and enforceable contract where plaintiff met his performance obligation under the contract and his request for ancillary documents was not material to the parties' agreement as plaintiff continued to perform.

  • White Winston Select Asset Funds, LLC v. Good Times Rests, Inc.

    Publication Date: 2023-02-21
    Practice Area: Mergers and Acquisitions
    Industry: Food and Beverage | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Bibas
    Attorneys: For plaintiff: Richard Alan Barkasy, Stephen A. Fogdall, Kristi JoLynn Doughty, Schnader, Harrison, Segal & Lewis LLP, Wilmington, DE for plaintiffs.
    for defendant: Catherine A. Gaul, Michael Dean Walker, Jr., Ashby & Geddes, Wilmington, DE; Davis G. Mosmeyer III, Peter L. Loh, Sara A. Brown, Foley & Lardner LLP, Dallas, TX for defendant.

    Case Number: 19-cv-02092-SB

    Breach of duty to negotiate in good faith claim rejected where parties' non-binding letter of intent let seller walk away for any reason and seller continued to pursue the transaction up until new financial performance data motivated seller to ask for higher price, where the evidence showed that seller would have consummated the transaction at that higher price.

  • Malkani v. Cunningham

    Publication Date: 2023-02-14
    Practice Area: Contracts
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Philip Trainer, Jr., Marie M. Degnan, Randall J. Teti, Ashby & Geddes, Wilmington, DE; Marcos D. Jimenez, Marcos D. Jimenez, P.A., Miami, FL for plaintiffs.
    for defendant: Ryan P. Newell, Lakshmi A. Muthu, Tara C. Pakrouh, Michael A. Carbonara, Jr., Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Heyden, Jr., Joseph E. Brenner, Gordon Rees Scully Mansukhani, LLP, Wilmington, DE for defendants.

    Case Number: 2020-1004-SG

    Parties' written investment contract was valid and enforceable where investor did not expressly reject the contract and the parties' subsequent actions demonstrated their intent to be bound to the contract and their belief that the contract contained all material terms of their deal.

  • Franklin v. Glenhill Advisors LLC

    Publication Date: 2023-02-14
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Retail
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: David L. Finger, Finger & Slanina, LLC, Wilmington, DE for plaintiff.
    for defendant: F. Troupe Mickler IV, Marie M. Degnan, Ashby & Geddes, P.A., Wilmington, DE; John B. Horgan, Joanna R. Cohen, Ellenoff Grossman & Schole LLP, New York, NY; John D. Hendershot, Andrew L. Milam, Melissa A. Lagoumis, Richards, Layton & Finger, P.A., Wilmington, DE; Bryan B. House, Foley & Lardner LLP, Milwaukee, WI; Scott J. Leonhardt, Jason A. Gibson, The Rosner Law Group LLC, Wilmington, DE; S. Preston Ricardo, Golenbock Eiseman Assor Bell & Peskoe LLP, New York, NY for defendants.

    Case Number: 2021-1119-LWW

    Court declined to vacate judgment where alleged new evidence was already known to plaintiff and plaintiff failed to plead the existence of any fraud, and where plaintiff waited more than two years to file his motion, choosing instead to relitigate the issues in another jurisdiction in the interim.

  • In re Orbit/FR, Inc. Stockholders Litig.

    Publication Date: 2023-02-07
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Manufacturing | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: A. Thompson Bayliss, E. Wade Houston, G. Mason Thomson, Abrams & Bayliss LLP, Wilmington, DE for plaintiff.
    for defendant: Ashley R. Altschuler, Ethan H. Townsend, Harrison S. Carpenter, Kevin M. Regan, McDermott Will & Emery LLP, Wilmington, DE; Daniel M. Silver, Benjamin A. Smyth, Travis J. Ferguson, McCarter & English, LLP, Wilmington, DE; Henry E. Gallagher Jr., Shaun Michael Kelly, Connolly Gallagher LLP, Wilmington, DE for defendants.

    Case Number: 2018-0340-SG

    Allegations of a personal relationship between special committee director and potentially interested director were insufficient to impute a conflict of interest to the special committee director, whose independence was not challenged by any personal interest in the merger transaction or bad faith actions.