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  • Murphy Marine Serv. of Delaware, Inc. v. GT USA Wilmington, LLC

    Publication Date: 2021-06-16
    Practice Area: Contracts
    Industry: Accounting | Cargo and Shipping | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Michael P. Kelly, Daniel M. Silver, Travis J. Ferguson, McCarter & English, LLP, Wilmington, DE; Geoffrey G. Grivner, Buchanan Ingersoll & Rooney PC, Wilmington, DE for plaintiffs.
    for defendant: David A. Dorey, Brandon W. McCune, Blank Rome LLP, Wilmington, DE for defendant.
    Case Number: D69436

    The parties' agreement provided for valuation as a going concern, and the court found that they impliedly agreed to a price based on the midpoint of a valuation range.

  • Manichaean Capital, LLC v. Exela Tech., Inc.

    Publication Date: 2021-06-09
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Rudolf Koch, Matthew W. Murphy, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE; Samuel J. Lieberman, Alexander H. McCabe, Sadis & Goldberg LLP, New York, NY; Steven K. Davidson, Mi-chael J. Baratz, Claire Schachter, Lauren Goldschmidt, Steptoe & Johnson LLP, Washington, DC for plaintiffs.
    for defendant: T. Bradley Davey, Matthew F. Davis, Andrew H. Sauder, Potter Anderson & Corroon LLP, Wilmington, DE; Jennifer Barrett, Dennis H. Hranitzky, Blair Adams, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY for defendants.
    Case Number: D69428

    The court held that reverse corporate veil piercing was proper where plaintiffs' complaint adequately al-leged that a company's subsidiaries participated in a scheme to deprive plaintiffs of the benefit of their judg-ment.

  • Omega Capital Mgmt. Partners, LLC v. Schrage

    Publication Date: 2021-06-09
    Practice Area: Contracts
    Industry: Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Aman K. Sharma, Igwe & Sharma, LLC, Wilmington, DE; E. Jordan Teague, Beau B. Brogdon, Campbell Teague LLC, Greenville, SC for plaintiff.
    for defendant: Albert J. Carroll, P. Clarkson Collins, Jr., Christopher P. Quinn, Barnaby Grzaslewicz, Morris James LLP, Wilmington, DE for defendant.
    Case Number: D69429

    The court granted defendant's motion to dismiss because plaintiff alleged only an "agreement to agree" ra-ther than an enforceable contract.

  • Garfield v. Shutterfly, Inc.

    Publication Date: 2021-06-09
    Practice Area: Securities Litigation
    Industry: E-Commerce | Investments and Investment Advisory
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Scirica
    Attorneys: For plaintiff: Blake A. Bennett, Cooch & Taylor, Wilmington, DE; Adam Frankel, Greenwich Legal Associates, Greenwich, CT; Juan E. Monteverde, Miles D. Schreiner, Monteverde & Associates, New York, NY for appellant.
    for defendant: Lewis R. Clayton, Paul A. Paterson, Justin Ward, Paul Weiss, Rifkind Wharton & Garrison, New York, NY; Daniel A. Mason, Paul Weiss Rifkind Wharton & Garrison, Wilmington, DE for appellee.
    Case Number: D69423

    Proxy statement in support of shareholder approval of merger was not materially misleading where share values were expressly identified as the calculations of the company's financial advisor, rather than statements of fact, and the proxy identified the projections that were used to calculate each particular set of share values.

  • In re Pattern Energy Group Inc. Stockholders Litig.

    Publication Date: 2021-05-26
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Ned Weinberger, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; David MacIsaac, John Vielandi, Labaton Sucharow LLP, New York, NY; Chad Johnson, Noam Mandel, Desiree Cummings, Robbins Geller Rudman & Dowd LLP, New York, NY; Brian Schall, Rina Restaino, The Schall Law Firm, Los Angeles, CA for plaintiff.
    for defendant: A. Thompson Bayliss, April M. Kirby, Abrams & Bayliss LLP, Wilmington, DE; Alan S. Goudiss, K. Mallory Brennan, Deke Shearon Shearman & Sterling LLP; Christina Urhausen, Shearman & Sterling LLP, San Francisco, CA; Rudolf Koch, Matthew D. Perri, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE; Matthew A. Schwartz, Y. Carson Zhou, John-Francis S. Flynn, Sullivan & Cromwell LLP, New York, NY for defendants.
    Case Number: D69408

    Stockholder could seek entire fairness review of company sale under controller theory where investor that had formed the company continued to exercise soft power over the company's management, which allegedly prioritized the investor's interests over shareholder value during the sales process.

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    Connecticut Employment Law, Seventh Edition

    Authors: Pamela J. Moore

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  • Smith v. Scott

    Publication Date: 2021-05-19
    Practice Area: Employment Litigation
    Industry: Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: David E. Wilks, D. Charles Vavala, Wilks Law, LLC, Wilmington, DE; Douglas Albritton, Actuate Law LLC, Chicago, IL for plaintiffs.
    for defendant: Robert A. Penza, Stephen J. Kraftschik, Polsinelli PC, Wilmington, DE; Anthony C. Porcelli, Scott M. Gil-bert, Polsinelli PC, Chicago, IL for defendants.
    Case Number: D69401

    The chancery court denied defendant's motion to dismiss plaintiff's conversion, implied covenant and wage law claims, but it dismissed the claims for breach of fiduciary duty, defamation and punitive damages.

  • Obsidian Fin. Group, LLC v. Identity Theft Guard Solutions, Inc.

    Publication Date: 2021-05-12
    Practice Area: Contractual Disputes
    Industry: Consulting | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Richard M. Beck, Craig E. Rushmore, Klehr Harrison Harvey Branzburg LLP, Wilmington, DE for plaintiff.
    for defendant: Brad D. Sorrels, Jessica A. Hartwell, Nora M. Crawford, Wilson Sonsini Goodrich & Rosati, PC, Wilming-ton, DE for defendants.
    Case Number: D69395

    Failure of a transaction to meet the requirements of an earnout provision did not entitle plaintiff to relief, so the court granted defendant's motion to dismiss claims for breach of contract, reformation and declaratory relief.

  • Fisher v. Sanborn

    Publication Date: 2021-04-14
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; Brian J. Robbins, Stephen J. Oddo, Emily R. Bishop, Robbins LLP, San Diego, CA for plaintiff.
    for defendant: A. Thompson Bayliss, Joseph A. Sparco, Abrams & Bayliss LLP, Wilmington, DE; James N. Kramer, Alexander K. Talarides, Orrick Herrington & Sutcliffe LLP, San Francisco, CA for defendants.
    Case Number: D69359

    Derivative complaint dismissed for failure to make pre-suit demand where lack of evidence that a majority of directors acted knowingly and deliberately in permitting the company to violate consumer protection laws or providing false and misleading information to the public meant that directors were exculpated from bad faith claims and therefore faced no substantial likelihood of personal liability and could independently evaluate a litigation demand.

  • In re: Forum Mobile, Inc.

    Publication Date: 2021-04-07
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Jeremy D. Anderson, Fish & Richardson, P.C., Wilmington, DE for petitioner.
    for defendant: N/A
    Case Number: D69353

    Delaware had a public policy interest in preventing the use of Delaware entities to circumvent federal se-curities laws, so the court appointed an amicus curiae to provide an independent review before ruling on the pending petition.

  • RCS Creditor Trust v. Schorsch

    Publication Date: 2021-03-31
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Philip Trainer, Jr., Marie M. Degnan, Ashby & Geddes, Wilmington, DE; John P. Coffey, Gregory A. Horo-witz, Jeffrey S. Trachtman, Leah S. Friedman, Kramer Levin Naftalis & Frankel LLP, New York, NY for plain-tiff.
    for defendant: Daniel A. Mason, Paull, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Allan J. Arffa, Gregory F. Laufer of Paull, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY for defendants.
    Case Number: D69348

    The court granted summary judgment because a corporate controller did not breach his fiduciary duty by making a business decision regarding how he would vote his shares.