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  • Laborers Local No. 231 Pension Fund v. Cowan

    Publication Date: 2020-12-16
    Practice Area: Class Actions
    Industry: Investments and Investment Advisory
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Greenberg
    Attorneys: For plaintiff: Peter B. Andrews, David M. Sborz, Craig J. Springer, Andrews & Springer, Greenville, DE; Randall Baron, Joseph D. Daley, David T. Wissbroecker, Robbins Geller Rudman & Down, San Diego, CA; Christopher H. Lyons, Robbins Geller Rudman & Down, Nashville, TN for plaintiff.
    for defendant: Deborah S. Birnback, Jennifer B. Luz, Goodwin Procter, Boston, MA; David John Teklits, Morris Nichols Arsht & Tunnell, Wilmington, DE for defendant Cowan. Anne S. Gaza, Elena C. Norman, Robert M. Vrana, Young Conaway Stargatt & Taylor, Wilmington, DE for defendant LBT Merger Sub, Inc. Adam T. Humann, Kevin R. Powell, II, Kirkland Ellis, Washington, DC; Joshua Z. Rabinovitz, Kirkland Ellis, Chicago, IL for HIG Capital and Lionbridge Tech., Inc.
    Case Number: D69226

    Plaintiff in this class action suit failed to demonstrate the existence of a material misrepresentation, so the court affirmed the judgment in favor of defendants.

  • Germaninvestments AG v. Allomet Corp.

    Publication Date: 2020-12-09
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: R. Craig Martin, Peter H. Kyle, Kelly L. Freund, DLA Piper LLP (US), Wilmington, DE for plaintiffs.
    for defendant: John P. DiTomo, Ryan D. Stottmann, Aubrey J. Morin, Morris, Nichols, Arsht, & Tunnell LLP, Wilmington, DE for defendants.
    Case Number: D69215

    Case dismissed where plaintiff had failed to join parties whose participation was indispensable because plaintiff's relief required adjudication of those parties' interests, and joinder of the parties to a Delaware action was not feasible.

  • Lipman v. GPB Capital Holdings LLC

    Publication Date: 2020-12-02
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Marcus E. Montejo, Stephen D. Dargitz, Prickett, Jones & Elliott, P.A., Wilmington, DE; Chet B. Waldman, Adam J. Blander, Wolf Popper LLP, New York, NY for plaintiffs.
    for defendant: Patricia L. Enerio, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Tab K. Rosenfeld, Steven M. Kaplan, Nicole E. Meyer. Rosenfeld & Kaplan, LLP, New York, NY for defendants GPB Capital Holdings LLC and nominal defendants GPB Holdings II, LP and GPB Automotive Portfolio, LP. Jacob R. Kirkham, Kobre & Kim LLP, Wilmington, DE; William McGovern, Leif T. Simonson, Kobre & Kim LLP, New York, NY for defendant Gentile. Michael W. McDermott, Richard I.G. Jones, Jr., Berger Harris LLP, Wil-mington, DE; Jeffrey Schreiber, Richard J. Jancasz, Meister Seelig & Fein LLP, New York, NY for defendant Schneider. David A. Felice, Bailey & Glasser, LLP, Wilmington, DE; Kevin D. Galbraith, Law Office of Kevin Galbraith, LLC, New York, NY for defendant Lash.
    Case Number: D69209

    Plaintiffs adequately stated claims for breach of fiduciary duty as to the controller and general partner of two limited partnerships.

  • In re Advance Auto Parts, Inc. Sec. Litig.

    Publication Date: 2020-11-25
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory | Retail
    Court: U.S. District Court of Delaware
    Judge: District Judge Andrews
    Attorneys: For plaintiff: P. Bradford deLeeuw, Deleeuw Law LLC, Wilmington, DE; Sharan Nirmul, Jonathan F. Neumann, Raphael Janove, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Stacey M. Kaplan, Kessler Topaz Meltzer & Check, LLP, San Francisco, CA for plaintiff.
    for defendant: Samuel A. Nolen, Katharine L. Mowery, Richards Layton & Finger, P.A., Wilmington, DE; Douglas P. Baumstein, Claudine Columbres, Susan L. Grace, Camille M. Shepherd, Sequoia Kaul, White & Case LLP, New York, NY for defendant.
    Case Number: D69200

    Certification of class counsel in securities action granted where establishment of all but one of the Cammer and Krogman factors supported a presumption of market efficiency in defendant company's publicly-traded stock.

  • In re WeWork Litig.

    Publication Date: 2020-11-18
    Practice Area: Deals and Transactions
    Industry: Financial Services and Banking | Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: William M. Lafferty, Kevin M. Coen, Sabrina M. Hendershot, Sara Toscano, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Eric Seiler, Philippe Adler, Mala Ahuja Harker, Friedman Kaplan Seiler & Adelman LLP, New York, NY; William Christopher Carmody, Shawn J. Rabin, Arun Subramanian, Susman Godfrey L.L.P., New York, NY for plaintiffs.
    for defendant: William B. Chandler, III, Brad D. Sorrels, Lori W. Will, Lindsay Kwoka Faccenda, Leah E. Brenner, Jeremy W. Gagas, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; David J. Berger, Steven M. Gugen-heim, Dylan G. Savage, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; Michael S. Sommer, Wilson Sonsini Goodrich & Rosati, P.C., New York, NY for the special committee of the board of directors of The We Co. Robert S. Saunders, Sarah R. Martin, Arthur R. Bookout, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; George A. Zimmerman, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY for The We Co. Elena C. Norman, Rolin P. Bissell, Nicholas J. Rohrer, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Erik J. Olson, Morrison & Foerster LLP, Palo Alto, CA; James Bennett, Jordan Eth, Morri-son & Foerster LLP, San Francisco, CA for defendant SoftBank Group Corp. Michael A. Barlow, E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; John B. Quinn, Molly Stephens, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for defendant SoftBank Vision Fund.
    Case Number: D69193

    Plaintiff stated a claim against defendants for breach of contract, but his breach of fiduciary duty claim was duplicative of the contract claim.

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  • In re TerraForm Power, Inc. Stockholders Litig.

    Publication Date: 2020-11-18
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Ned Weinberger, Derrick Farrell, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Peter B. Andrews, Craig J. Springer, Davis M. Sborz, Andrews & Springer LLC, Wilmington DE; Jeremy S. Friedman, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; Steven J. Purcell, Douglas E. Julie, Robert H. Lefkowitz, Kaitlyn T. Devenyns, Purcell Julie & Lefkowitz LLP, New York, NY for plaintiffs.
    for defendant: Kevin G. Abrams, Eric A. Veres, Stephen C. Childs, Abrams & Bayliss LLP, Wilmington, DE; John A. Neuwirth, Stefania D. Venezia, Amanda K. Pooler, Weil, Gotshal & Manges LLP, New York, NY; Brian C. Ralston, Seth R. Tangman, Caneel Radinson-Blasucci, Potter Anderson & Corroon LLP, Wilmington, DE; Daniel M. Sullivan, Holwell Shuster & Goldberg LLP, New York, NY for defendants.
    Case Number: D69192

    Court declined to disregard precedent set forth in Gentile v. Rosette where present case involved, as it did in Gentile, a corporate controller's actions to cause the corporation to issue stock for insufficient consideration such that the controller could increase its stake in the company at the expense of the public minority stockholders, allowing those stockholders to pursue direct claims.

  • United Food & Commercial Workers Union v. Zuckerberg

    Publication Date: 2020-11-11
    Practice Area: Corporate Governance
    Industry: E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: P. Bradford deLeeuw, deLeeuw Law LLC, Wilmington, DE; Robert C. Schubert, Schubert Jonckheer & Kolbe LLP, San Francisco, CA; James E. Miller, Shepherd Finkelman Miller & Shah, LLP, Chester, CT for plaintiff.
    for defendant: Kevin R. Shannon, Berton W. Ashman, Jr., Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilming-ton, DE; William Savitt, Ryan A. McLeod, Anitha Reddy, Cecilia A. Glass, Wachtell, Lipton, Rosen & Katz, New York, NY; Raymond J. DiCamillo, Kevin M. Gallagher, Megan E. O’Connor, Richards, Layton & Finger, P.A., Wilmington, DE; George M. Garvey, Laura Lin, Munger, Tolles & Olson LLP, Los Angeles, CA; David E. Ross, Garrett B. Moritz, R. Garrett Rice, Ross Aronstam & Moritz LLP, Wilmington, DE for defendants.
    Case Number: D69189

    Plaintiffs failed to establish demand futility because a majority of the board was capable of impartially con-sidering a litigation demand.

  • Mad Investors GRMD, LLC v. GR Co., Inc.

    Publication Date: 2020-11-11
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Michael J. Barry, Christine M. Mackintosh, Kelly L. Tucker, Vivek Upadhya, Grant & Eisenhofer P.A., Wil-mington, DE for plaintiffs.
    for defendant: Blake Rohrbacher, Kevin M Gallagher, Elizabeth A. Heise, Richards, Layton & Finger, P.A., Wilmington, DE; Jason C. Vigna, Brian L. Muldrew, Katten Muchin Rosenman LLP, New York, NY for defendant.
    Case Number: D69187

    Plaintiffs failed to allow the full five-day response period to expire before filing this action to enforce their books and records request, so the court dismissed their complaint.

  • Focus Fin. Partners, LLC v. Holsopple

    Publication Date: 2020-11-11
    Practice Area: Labor Law
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Travis S. Hunter, Dorronda R. Bordley, Richards, Layton & Finger, P.A., Wilmington, DE; Michael V. Rella, Murphy & McGonigle, New York, NY for plaintiff.
    for defendant: Daniel M. Silver, Travis J. Ferguson, Alexandra M. Joyce, McCarter & English, LLP, Wilmington, DE for defendants.
    Case Number: D69184

    Delaware choice-of-forum provisions failed to subject employee to personal jurisdiction where employee lived and worked in California, which therefore had the materially greater interest in the litigation, and whose law predominated over Delaware law and included fundamental policies allowing employees to invalidate choice-of-forum provisions in contracts entered into as a condition of employment.

  • In re: NNN 400 Capital Ctr. 16, LLC

    Publication Date: 2020-11-04
    Practice Area: Bankruptcy
    Industry: Financial Services and Banking | Investments and Investment Advisory | Real Estate
    Court: U.S. Bankruptcy Court
    Judge: Judge Dorsey
    Attorneys: For plaintiff:
    for defendant:
    Case Number: D69176

    Prevailing party's motion for costs incurred in adversary proceedings granted despite the procedural irregularity of the prevailing party's request.