Publication Date: 2021-09-15
Practice Area: Mergers and Acquisitions
Industry: Pharmaceuticals
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Joel Friedlander, Jeffery M. Gorris, Friedlander & Gorris, P.A., Wilmington, DE; R. Bruce McNew, Cooch & Taylor, P.A., Wilmington, DE; Randall J. Baron, David Wissbroecker, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Nashville, TN; Peretz Bronstein, Bronstein, Gewirtz & Grossman, LLC, New York, NY for plaintiff.
for defendant: A. Thompson Bayliss, April M. Kirby, Abrams & Bayliss LLP, Wilmington, DE; Peter L. Welsh, Elena Weissman Davis, Ropes & Gray LLP, Boston, MA; Timothy R. Farrell, Ropes & Gray LLP, Chicago, IL; Christian Reigstad, Ropes & Gray LLP, New York, NY; Paul D. Brown, Joseph B. Cicero, Chipman Brown Cicero & Cole, LLP, Wilmington, DE; Roger A. Lane, Courtney Worcester, Holland & Knight LLP, Boston, MA; Daniel A. Mason, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Bruce Birenboim, Susanna M. Buergel, Christopher L. Filburn, Paul, Weiss, Rifkind, Wharton & Garrison, LLP, New York, NY for defendants.
Case Number: D69534
Post-closing fiduciary claims against directors failed where none of the alleged omissions from the board's disclosure statement to stockholders rendered the statement deficient, such that the approval of the transaction by a majority of informed, uncoerced stockholders relieved the directors from any liability for fiduciary claims arising from the sale of the company.