Publication Date: 2017-10-11
Practice Area: Corporate Governance
Industry: Financial Services and Banking | Aerospace
Court: Court of Chancery
Judge: Judge Glasscock
Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, and David M. Sborz, Andrews & Springer, LLC, Wilmington, DE, Joseph E. White, III, Jorge A. Amador, Jonathan M. Stein, and Adam Warden, Saxena White, P.A., Boca Raton, FL, attorneys for plaintiff
for defendant: Kenneth J. Nachbar and Thomas P. Will, Morris Nichols, Arsht & Tunnell LLP, Wilmington, DE, Paul R. Bessette and Israel Dahan, King & Spalding LLP, New York, NY, Michael J. Biles, Tyler W. Highful, and S. Saliya Subasinghe, King & Spalding LLP, Austin, TX, attorneys for defendant.
Case Number: D67895
Litigation demand on board of directors was excused for claim that directors failed to bring company into compliance with financial regulations where clear purpose of regulations acted as red flag to create presumption that directors acted with intent to violate the law or acted in bad faith to ignore their duty to prevent such violation.
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