• BET FRX, LLC v. Myers

    Publication Date: 2022-05-10
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Sean M. Brennecke, Klehr Harrison Harvey Branzburg LLP, Wilmington, DE; Jordan M. Rand, Klehr Harrison Harvey Branzburg LLP, Philadelphia, PA for plaintiff.
    for defendant: Samuel T. Hirzel, II, Jamie L. Brown, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Eric R. Levine, Eric Aschkenasy, Eiseman Levine Lehrhaupt & Kakoyiannis, P.C. New York, NY for defendants.

    Case Number: D69806

    The court found that plaintiff's amended complaint failed to sufficiently plead most of its claims including breach of contract and breach of fiduciary duty.

  • In Re PLX Tech. Inc. Stockholders Litig., LLC

    Publication Date: 2022-05-03
    Practice Area: Class Actions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: R. Bruce McNew, Cooch and Taylor, P.A., Wilmington, DE; Randall J. Baron, David A. Knotts, Robbins Geller Rudman & Down, LLP, San Diego, CA; Kent Bronson, Milberg Tadler Phillips Grossman LLP, New York, NY for plaintiffs.
    for defendant: Kevin G. Abrams, J. Peter Shindel, Jr., Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; Richard D. Heins, Ashby & Geddes, Wilmington, DE; Patricia L. Enerio, Melissa N. Donimirski, Jamie L. Brown, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Michael A. Weidinger, Elizabeth Wilburn Joyce, Pinckney, Weidinger, Urban & Joyce, Greenville, DE; Lori Marks-Esterman, Renee M. Zaytsev, Olshan Frome Wolosky LLP, New York, NY for defendants.

    Case Number: D69798

    The court approved a modification to a class action settlement and a more efficient distribution method than the traditional notice-and-claim process.

  • In re Altaba, Inc.

    Publication Date: 2022-05-03
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Paul J. Lockwood, Arthur R. Bookout, Matthew P. Majarian, Kathryn S. Bartolacci, Gregory P. Ranzini, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; David E. Ross, Ross Aronstam & Moritz LLP, Wilmington, DE for petitioner.
    for defendant: Christopher P. Simon, Kevin S. Mann, David G. Holmes, Cross & Simon, LLC, Wilmington DE; E.F. Anthony Merchant, Q.C., Merchant Law Group LLP, Regina, Saskatchewan for claimant.

    Case Number: D69805

    Dissolved company was required to retain a security sufficient to cover the full amount of per se damages that could be imposed under statutory law governing pending litigation.

  • In re: Paragon Offshore PLC

    Publication Date: 2022-04-26
    Practice Area: Bankruptcy
    Industry: Investments and Investment Advisory
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Per Curiam
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D69793

    Shareholder's appeal of Chapter 11 plan denied where equity holders lacked standing where debtor would not have any assets for equity holders after satisfying claims of its creditors.

  • Pentwater Capital Mgmt. LP v. Kaz

    Publication Date: 2022-04-26
    Practice Area: Contracts
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stephen B. Brauerman, Jason C. Jowers, Sarah T. Andrade, Justin C. Barrett, Bayard P.A. Wilmington, DE for plaintiffs.
    for defendant: Rudolf Koch, Kyle Lachmund, Richards, Layton & Finger, P.A., Wilmington, DE; Daniel Lynch, Lynch Thompson LLP, Chicago, IL for defendant.

    Case Number: D69790

    The court held that any harm incurred by plaintiffs by allowing the forum selection cause issue to be litigated in Illinois was of their own making such that plaintiffs should not be allowed to enjoin the Illinois action.

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  • Sorenson Impact Found. v. Cont'l Stock Transfer & Trust Co.

    Publication Date: 2022-04-19
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Eric D. Selden, Anthony M. Calvano, Ross Aronstam & Moritz LLP, Wilmington, DE; Cameron M. Hancock, Adam D. Wahlquist, Kirton McConkie, Salt Lake City, UT for plaintiffs.
    for defendant: Peter B. Ladig, Bayard, P.A., Wilmington, DE; Mark A. Harmon, Erin N. Teske, Hodgson Russ LLP, New York, NY; P. Clarkson Collins, Jr., K. Tyler O'Connell, Morris James LLP, Wilmington, DE; Anna Rotman, Kirkland & Ellis LLP, Houston, TX for defendants.

    Case Number: D69783

    The court, in this diverted merger consideration case, determined that defendant was not bound by a contract's forum selection clause because it was not a party to the contract and did not have sufficient contacts with Delaware to confer jurisdiction under the long-arm statute.

  • Innovate 2 Corp. v. Motorsport Games Inc.

    Publication Date: 2022-04-12
    Practice Area: Securities Litigation
    Industry: Entertainment and Leisure | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Bibas
    Attorneys: For plaintiff: Joseph Benedict Cicero, Aidan T. Hamilton, Gregory Erich Stuhlman, Chipman Brown Cicero & Cole, LLP, Wilmington, DE; Matthew J. Reynolds, Sara G. Wilcox, Huth Reynolds LLP, New York, NY & Denver, CO; Ned C. Weinberger, Labaton Sucharow LLP, Wilmington, DE for plaintiffs.
    for defendant: Daniel A. O’Brien, Brian L. Schwalb, Venable LLP, Wilmington, DE for defendants.

    Case Number: D69779

    Minority stockholders plausibly alleged that controlling shareholder used insider knowledge to mislead the minority stockholders into being bought out for an unfair price where the now wholly owned company represented almost all the attributed value of the controlling shareholder, which soon after went public for a much higher price than the minority stockholders sold out for.

  • In re Pattern Energy Group Inc. Sec. Litig.

    Publication Date: 2022-04-12
    Practice Area: Securities Litigation
    Industry: Energy | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Sue L. Robinson, Brian E. Farnan, Michael J. Farnan, Farnan LLP, Wilmington, DE; Andrew J. Entwistle, Entwistle & Cappucci LLP, Austin, TX; Vincent R. Cappucci, Arthur V. Nealon, Brendan J. Brodeur, Jonathan H. Beemer, Jessica A. Margulis, Entwistle & Cappucci LLP, New York, NY; Marc M. Seltzer, Krysta Kauble Pachman, Susman Godfrey L.L.P., Los Angeles, CA for plaintiffs.
    for defendant: A. Thompson Bayliss, April M. Kirby, Abrams & Bayliss LLP, Wilmington, DE; Alan S. Goudiss, K. Mallory Brennan, Shearman & Sterling LLP, New York, NY; Christina E. Myrold, Shearman & Sterling LLP, San Francisco, CA for defendants.

    Case Number: D69781

    Motion to dismiss Exchange Act violations denied where plaintiffs plausibly alleged that defendant board had acknowledged that a competing merger offer constituted a better value and would provide stockholders with a higher price, and knew at the time of voting to approve another offer that the competing bidder was willing to continue discussing more favorable terms of merger.

  • MPM Holdings Inc. v. Federal Ins. Co.

    Publication Date: 2022-03-29
    Practice Area: Insurance Litigation
    Industry: Insurance | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Johnston
    Attorneys: For plaintiff: David J. Baldwin, Peter C. McGivney, Berger Harris LLP, Wilmington, DE; Bernard P. Bell, Tab R. Turano, Miller Friel PLLC, Washington, DC for plaintiff.
    for defendant: Gregory F. Fischer, Cozen O'Connor, Wilmington, DE; Angelo G. Savino, Rafael Rivera, Jr., Cozen O'Connor, New York, NY for defendants.

    Case Number: D69762

    The court held that the subject appraisal action was not a claim for a wrongful act such that the insurer was not obligated to provide coverage or reimburse defense costs.

  • Independence Realty Trust, Inc. v. USA Carrington Park 20, LLC

    Publication Date: 2022-03-22
    Practice Area: Trusts and Estates
    Industry: Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Wharton
    Attorneys: For plaintiff: James S. Green, Jr., Jared T. Green, Seitz, Van Ogtrop & Green, P.A., Wilmington, DE for plaintiffs Edward F. Brovelli, Jr., individually, and as trustee of The Brovelli Family Trust 2A and defendant USA Carrington Park 20, LLC.
    for defendant: Gregory F. Fischer, Cozen O’Connor, Wilmington, DE; John J. Sullivan, Cozen O’Connor, New York, NY, for defendants Independence Realty Operating Partnership, LP, Independence Realty Trust, Inc., Independence Realty Advisors, LLC, IRT Carrington Apartments Owner, LLC and plaintiffs Independent Realty Trust, Inc., and Independence Realty Operating Partnership, LP.

    Case Number: D69751

    The court held the trust had standing to sue defendants because defendant Carrington had transferred its right to sue to the trust, that Brovelli as an individual did not have standing to sue because he was not a party to any of the subject contracts, that defendants who were not parties to the subject contracts should be dismissed, and that whether damages were direct or consequential had issues of fact and were not appropriate for a motion to dismiss.