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  • CLP Toxicology, Inc. v. Casla Bio Holdings LLC

    Publication Date: 2021-07-07
    Practice Area: Mergers and Acquisitions
    Industry: Health Care | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Wallace
    Attorneys: For plaintiff: Christopher Viceconte, Gibbons P.C., Wilmington, DE; Anthony J. Rospert, Thomas M. Ritzert, Thompson Hine LLP, Cleveland, OH; Heather M. Hawkins, Thompson Hine LLP, Cincinnati, OH for plaintiff.
    for defendant: Peter B. Ladig, Elizabeth A. Powers, Bayard, P.A., Wilmington, DE; Jordan D. Weiss, Allison R. Klein, Goodwin Procter LLP, New York, NY for defendant.
    Case Number: D69454

    Breach of earnout payment contractual provision counterclaim was dismissed where contract required arbitration of disputes over calculation and payment, which claims of diversion of funds to avoid triggering payment obligations fell under.

  • First Solar, Inc. v. Nat'l Union Fire Ins. Co. of Pittsburgh, PA,

    Publication Date: 2021-07-07
    Practice Area: Insurance Law
    Industry: Energy | Insurance | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Johnston
    Attorneys: For plaintiff: Jennifer C. Wasson, Carla M. Jones, Potter Anderson & Corroon LLP, Wilmington, DE; Adam Ziffer, Meredith Elkins, Cohen Ziffer Frenchman & McKenna LLP, New York, NY for plaintiff.
    for defendant: John C. Phillips, Jr., David A. Bilson, Phillips McLaughlin & Hall, P.A., Wilmington, DE; Charles C. Lemley, Kim Melvin, Anna Schaffner, Wiley Rein LLP, Washington, DC: Kurt M. Heyman, Aaron M. Nelson, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Scott B. Schreiber, Arthur Luk, Omomah Abebe, Cole Kroshus, Arnold & Portker Kaye Scholer LLP, Washington, DC for defendants.
    Case Number: D69456

    Second securities fraud suit filed by plaintiff who opted out of prior suit and asserted claims arising from the same alleged misrepresentations related back to the first action, thereby causing it to fall out of the coverage period of the relevant insurance policy.

  • Sehoy Energy LP v. Adriani

    Publication Date: 2021-06-30
    Practice Area: Business Torts
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: John P. DiTomo, Miranda N. Gilbert, Morris Nicholls, Arsht & Tunnell LLP, Wilmington, DE for plaintiffs.
    for defendant: Elizabeth S. Fenton, Saul Ewing Arnstein & Lehr LLP, Wilmington, DE for defendants.
    Case Number: D69451

    Defendant fraudulently induced plaintiff to make investments, so the court held plaintiff was entitled to recover rescissory damages.

  • In re: EHT US1, Inc.

    Publication Date: 2021-06-30
    Practice Area: Bankruptcy
    Industry: Financial Services and Banking | Investments and Investment Advisory | Real Estate
    Court: U.S. Bankruptcy Court
    Judge: Judge Sontchi
    Attorneys: For plaintiff: Mark D. Collins, Brendan J. Schlauch, Megan E. Kenney, Richards, Layton & Finger, P.A., Wilmington, DE; P. Sabin Willett, Morgan, Lewis & Bockius LLP, Boston, MA; Jennifer Feldsher, New York, NY; David M. Riley, Los Angeles, CA for plaintiff.
    for defendant: Seth Van Aalten, G. David Dean, Justin R. Alberto, Cole Schotz, P.C., Wilmington, DE; Luc A. Despins, G. Alexander Bongartz, Paul Hastings LLP, New York, NY for defendant.
    Case Number: D69447

    Bankruptcy courts were to look to the laws of the jurisdiction where a foreign entity was formed and resided to determine if its structure qualified it to be a debtor under the Bankruptcy Code.

  • The Raj & Sonal Abhyanker Family Trust v. Blake

    Publication Date: 2021-06-30
    Practice Area: Corporate Governance
    Industry: E-Commerce | Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Ann M. Kashishian, Kashishian Law LLC, Wilmington, DE; Raj Abhyanker, Nicholas Craft, Wensheng Ma, LegalForce RAPC Worldwide, Mountain View, CA for plaintiff.
    for defendant: Alan D. Albert, O’Hagan Meyer PLLC, Wilmington, DE; Todd A. Roberts, Nicole S. Healy, Ropers Majeski, Redwood City, CA for defendants.
    Case Number: D69453

    The court granted motions to dismiss plaintiff's breach of fiduciary duty and unjust claims based on the tacit concession doctrine and plaintiff's failure to allege a wrongful refusal of its pre-suit demands.

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    California Premises Liability Law

    Authors: Jayme C. Long

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  • Shareholder Representative Serv. LLC v. Albertsons Co., Inc.

    Publication Date: 2021-06-23
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Food and Beverage | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: John P. DiTomo, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; John T. Ruskusky, Lisa C. Sullivan, Nixon Peabody, LLP, Chicago, IL for plaintiff.
    for defendant: Thomas E. Hanson, Jr., Barnes & Thornburg LLP, Wilmington, DE; Michael E. Swartz, Taleah E. Jennings, Schulte Roth & Zabel LLP, New York, NY; Thomas P. DeFranco, Schulte Roth & Zabel LLP, Washington, DC for defendant.
    Case Number: D69445

    The court refused to dismiss a breach of contract claim where plaintiff alleged sufficient facts to support its assertion that defendant intentionally missed milestones under a merger agreement that would have required it to make earnout payments.

  • Cambria Equity Partners L.P. v. Relight Enter. S.A.

    Publication Date: 2021-06-23
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: John G. Harris, Richard I. G. Jones, Jr., Berger Harris LLP, Wilmington, DE; Lydia Ferrarese, Mark Weissman, Herzfeld & Rubin, P.C., New York, NY for plaintiffs.
    for defendant: Philip A. Rovner, Jonathan A. Choa, Potter Anderson & Corroon LLP, Wilmington, DE; John J. Kuster, Deborah R. Sands, Sidley Austin LLP, New York, NY for defendants.
    Case Number: D69440

    Aiding and abetting claim failed where third-party merely engaged in arms-length negotiation of purchase, and was not even initially aware of the existence of minority stockholders and simply negotiated protections for itself upon learning of their existence.

  • In re: Tilray, Inc. Reorganization Litig.

    Publication Date: 2021-06-23
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, Jessica Zeldin, David M. Sborz, Andrews & Springer LLC, Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Da-vid Wales, Andrew Blumberg, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Jeffrey M. Gorris, Christopher M. Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Jeremy S. Friedman, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; D. Seamus Kaskela, Kaskela Law LLC, Newtown Square, PA for plaintiffs.
    for defendant: Michael A. Pittenger, Matthew F. Davis, David A. Seal, Caneel Radinson-Blasucci, Potter Anderson & Cor-roon LLP, Wilmington, DE; Michael P. Kelly, Daniel M. Silver, Sarah E. Delia, McCarter & English, LLP, Wilmington, DE; Carl N. Kunz, III, K. Tyler O’Connell, Albert J. Carroll, Morris James LLP, Wilmington, DE; Ronald L. Berenstain, Sean C. Knowles, Perkins Coie LLP, Seattle, WA; Susan W. Waesco, John P. DiTomo, Daniel T. Menken, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Blake Rohrbacher, Matthew W. Murphy, Elizabeth A. Heise, Richards, Layton & Finger, P.A., Wilmington, DE for defendants.
    Case Number: D69443

    Plaintiffs alleged sufficient facts to indicate the existence of a control group, and the conflicted transaction in this case was subject to entire fairness review.

  • Clifford Paper, Inc. v. WPP Investors, LLC

    Publication Date: 2021-06-16
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Samuel T. Hirzel, II, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Matthew M. Oliver, Lowenstein Sandler LLP, Roseland, NJ for plaintiff.
    for defendant: Oderah C. Nwaeze, Faegre Drinker Biddle & Reath LLP, Wilmington, DE for defendant.
    Case Number: D69431

    Claims alleging wrongful disposition of corporate resources or assets were essentially derivative in nature, meaning that former member of LLC lacked standing to assert such claims and could not do so after failing to make litigation demand or plead demand futility.

  • In re: SmileDirectClub, Inc. Derivative Litig.

    Publication Date: 2021-06-16
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; P. Bradford deLeeuw, deLeeuw Law LLC, Wil-mington, DE; Lee Squitieri, Squitieri & Fearon, LLP, New York, NY; Jeffrey S. Abraham, Michael J. Klein, Abraham, Fruchter & Twersky LLP, New York, NY; Donald J. Enright, Elizabeth K. Tripodi, Jordan Cafritz, Levi & Korsinsky, LLP for plaintiffs.
    for defendant: Edward B. Micheletti, Jenness E. Parker, of Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Scott D. Musoff, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY for defendants.
    Case Number: D69435

    The court granted defendants' motion to dismiss this derivative because plaintiffs failed to meet the con-temporaneous ownership requirement, so they lacked standing.