• In re: PES Holdings, LLC

    Publication Date: 2021-01-20
    Practice Area: Bankruptcy
    Industry: Energy | Insurance | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Andrews
    Attorneys: For plaintiff: Damian S. Schaible, James I. McClammy, David B. Toscano, Aryeh Ethan Falk, Davis Polk & Wardwell LLP, New York, NY; Robert J. Dehney, Andrew R. Remming, Paige N. Topper, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE for appellant.
    for defendant: Richard I. Werder, Jr, Deborah Newman, David M. Cooper, Zachary Russell of Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; William P. Bowden, Stacy L. Newman, Ashby & Geddes, P.A., Wilmington, DE for appellee.

    Case Number: D69266

    An intercreditor agreement designated the party who had a first priority security interest with respect to the proceeds of certain business interruption insurance.

  • Well Thrive Ltd. v. SemiLEDs Corp.

    Publication Date: 2021-01-06
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory | Manufacturing
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: David S. Eagle, Sean M. Brennecke, Klehr Harrison Harvey Branzburg LLP, Wilmington, DE; Robert D. We-ber, Sheppard, Mullin, Richter & Hampton LLP, Los Angeles, CA for plaintiff.
    for defendant: Henry E. Gallagher, Jr., Lauren P. DeLuca, Connolly Gallagher LLP, Wilmington, DE; Dan Woods, Musick, Peeler & Garrett LLP, Los Angeles, CA for defendant.

    Case Number: D69253

    Plaintiff was not entitled to relief on its unjust enrichment claim because a contract governed the parties' relationship, but the court awarded declaratory relief in plaintiff's favor.

  • In re WeWork Litig.

    Publication Date: 2021-01-06
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: 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; Michael S. Sommer, Wilson Sonsini Goodrich & Rosati, P.C., New York, NY; David J. Berger, Steven M. Guggenheim, Dylan G. Savage of Wil-son Sonsini Goodrich & Rosati, P.C. , Palo Alto for plaintiff We Company; 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 plain-tiffs Neumann and We Holdings LLC.
    for defendant: Robert S. Saunders, Sarah R. Martin, 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, of Morrison & Foerster LLP, Palo Alto, CA; James Bennett, Jordan Eth, Morrison & Foerster LLP, San Fran-ciso, CA for defendant SoftBank Group Corp. Michael A. Barlow, E. Wade Houston, Abrams & Baylis LLP, Wilmington, DE; John B. Quinn, Molly Stephens of Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for defendant SoftBank Vision Fund.

    Case Number: D69249

    A temporary committee created by a company's board of directors did not have authority to terminate a lawsuit that was filed by an earlier special committee.

  • Alexandria Venture Invs., LLC v. Verseau Therapeutics, Inc.

    Publication Date: 2021-01-06
    Practice Area: Corporate Entities
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Raymond J. DiCamillo, Megan E. O’Connor, Richards, Layton & Finger, P.A., Wilmington, DE; Luke Cadigan, Cooley LLP, Boston, MA; Patrick Gunn, Cooley LLP, San Francisco, CA for plaintiffs
    for defendant: David J. Teklits, Thomas P. Will, Morris, Nichols, Arsht, & Tunnell LLP, Wilmington, DE for defendant.

    Case Number: D69246

    Stockholder whose financing proposal was rejected by the board was entitled to limited inspection of books and records after raising reasonable inferences that directors' decision to reject the proposal may have been motivated by conflicts and self-interest.

  • Preston Hollow Capital LLC v. Nuveen LLC

    Publication Date: 2020-12-30
    Practice Area: Business Torts
    Industry: Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Johnston
    Attorneys: For plaintiff: R Scott Thompson, David H. Wollmuth, Michael C. Ledley, Sean P. McGonigle, Nicole C. Rende, Wollmuth, Maher & Deutsch LLP, New York, NY; R. Judson Scaggs, Jr., Elizabeth A. Mullin, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for plaintiff.
    for defendant: Leonard A. Gail, Alejandra Contreras Macias, Massey & Gail LLP, Chicago, IL; Jonathan S. Massey, Jeremy Mallory, Massey & Gail LLP, Washington, DC; Peter J. Walsh, Jr., Jennifer C. Wasson, David A. Seal, Rob-ert J. Kumor, Potter, Anderson & Corroon LLP, Wilmington, DE for defendants.

    Case Number: D69243

    Collateral estoppel and law of the case doctrines applied to findings made in a prior proceeding between the parties, but plaintiff was not entitled to summary judgment due to remaining factual issues.

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  • Pascal v. Czerwinski

    Publication Date: 2020-12-30
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: David A. Jenkins, Neal C. Belgam, Smith Katzenstein & Jenkins LLP, Wilmington, DE for plaintiff.
    for defendant: Kenneth J. Nachbar, Zi-Xiang Shen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Susan M. Han-nigan, Richards Layton & Finger, P.A., Wilmington, DE for defendants.

    Case Number: D69242

    A proxy statement involving an equity incentive plan did not contain materially deficient language, so the court granted defendants' motion to dismiss plaintiff's direct claim for breach of fiduciary duty.

  • AmerisourceBergen Corp. v. Lebanon County Employees Ret. Fund

    Publication Date: 2020-12-23
    Practice Area: Corporate Entities
    Industry: Distribution and Wholesale | Investments and Investment Advisory | Pharmaceuticals
    Court: Delaware Supreme Court
    Judge: Justice Traynor
    Attorneys: For plaintiff: Stephen C. Norman, Jennifer C. Wasson, Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilmington, DE; Michael D. Blanchard, Amelia G. Pennington, Morgan, Lewis & Bockius LLP, Boston, MA for appellant.
    for defendant: Samuel L. Closic, Eric J. Juray, Prickett, Jones & Elliott, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Eric L. Zagar, Michael C. Wagner, Christopher M. Windover, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Frank R. Schirripa, Daniel B. Rehns, Hillary Nappi, Hach Rose Schirripa & Cheverie LLP, New York, NY; David Wales, Andrew Blumberg, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for appellees.

    Case Number: D69232

    Stockholders could file inspection demand after asserting credible circumstantial evidence that corporate directors and managers had engaged in wrongdoing.

  • Urdan v. WR Capital Partners, LLC

    Publication Date: 2020-12-23
    Practice Area: Contractual Disputes
    Industry: Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Elena C. Norman, Benjamin M. Potts, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Louis R. Miller, Daniel S. Miller, Jeffery B. White, Miller Barondess, LLP, Los Angeles, CA for plaintiffs.
    for defendant: Kenneth J. Nachbar, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for de-fendants.

    Case Number: D69235

    Stock repurchase agreements conflicted with the terms of a settlement agreement, so plaintiffs were barred from pursuing claims for breach of fiduciary duty and unjust enrichment. Affirmed.

  • In re: DSI Renal Holdings, LLC

    Publication Date: 2020-12-16
    Practice Area: Bankruptcy
    Industry: Health Care | Investments and Investment Advisory
    Court: U.S. Bankruptcy Court
    Judge: Judge Owens
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D69224

    While one individual defendant owed fiduciary duties to debtors, trustee's adversary proceeding against other defendants failed where trustee presented no evidence those defendants had knowledge of their participation in an alleged transaction to fraudulently withdraw assets from debtors.

  • 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.