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Publication Date: 2024-06-18
Practice Area: Mergers and Acquisitions
Industry: Financial Services and Banking | Accounting
Court: Court of Chancery
Judge: Vice Chancellor Cook
Attorneys: For plaintiff: Thomas P. Will, Rachel R. Tunney, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Richard T. Marooney, Emma S. Nguyen, King & Spalding LLP, New York, NY; Jeffrey S. Rosenberg, King & Spalding LLP, Washington, DC for plaintiff.
for defendant: Nicholas J. Rohrer, Lakshmi A. Muthu, Alex B. Haims, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Christina Golden Ademola, Morrison & Foerster LLP, New York, NY; Robert W. May, Michael Komorowski, Morrison & Foerster LLP, San Francisco, CA for defendants.
Case Number: 2023-0371-NAC
Court found no need for judicial interpretation where parties' dispute over working capital calculation merely involved a GAAP issue, and thus the dispute was properly resolved by an independent accountant under the parties' contractual dispute resolution provision.
Publication Date: 2024-06-18
Practice Area: Corporate Governance
Industry: Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: Joseph L. Christensen, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Brian J. Dunne, Edward M. Grauman, Bathaee Dunne LLP, Austin, TX; Yavar Bathaee, Andrew C. Wolinsky, Bathaee Dunne LLP, New York, NY for plaintiff.
for defendant: A. Thompson Bayliss, Peter C. Cirka, E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; Roger A. Cooper, Mark E. McDonald, Cleary Gottlieb Steen & Hamilton LLP, New York, NY for defendants.
Case Number: 2022-0819-SG
Demand was not excused where plaintiff failed to plead specific facts demonstrating that directors acted disloyally to confer a non-ratable benefit to the corporate parent at the parent's direction.
Publication Date: 2024-06-18
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: David L. Finger, Finger & Slanina, LLC, Wilmington, DE for plaintiffs.
for defendant: Matthew D. Perri, Daniel E. Kaprow, Elizabeth J. Freud, Alfred P. Dillione, Rae Ra, Richards, Layton & Finger, P.A., Wilmington, DE for defendant.
Case Number: 2024-0311-LWW
Court ordered a bond due to the potential for defendant suffering financial losses in connection with a status quo order that restricted defendant from transferring securities it was set to receive.
Publication Date: 2024-06-18
Practice Area: Mergers and Acquisitions
Industry: Automotive | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: P. Bradford deLeeuw, deLeeuw Law LLC, Wilmington, DE; Robert C. Schubert, Willem F. Jonckheer, Schubert Jonckheer & Kolbe LLP, San Francisco, CA for plaintiff.
for defendant: Kevin R. Shannon, Christopher N. Kelly, Daniel M. Rusk IV, Potter Anderson & Corroon LLP, Wilmington, DE; James W. Ducayet, Heather Benzmiller Sultanian, Thomas H. Collier, Sidley Austin LLP, Chicago, IL for defendants.
Case Number: 2022-0571-LWW
Breach of fiduciary duty claims arising from de-SPAC transaction dismissed where claims were based on post-merger developments and thus there was no evidence that defendants failed to disclose material information to public stockholders considering redemption or investment.
Publication Date: 2024-06-18
Practice Area: Energy and Natural Resources
Industry: Energy
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: John M. Seaman, Abrams & Bayliss LLP, Wilmington, DE; Samuel T. Hirzel, II, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE for plaintiff.
for defendant: S. Michael Sirkin, Ross Aronstam & Moritz LLP, Wilmington, DE for defendants.
Case Number: 2023-0249-MTZ
Plaintiff was not entitled to toll the statute of limitations based on alleged concealment of side deal where arbitration had already concluded that the terms of the alleged side deal were expressly included in the parties' agreement, rendering the tolling argument an impermissible collateral attack on the arbitration award.
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Publication Date: 2024-06-18
Practice Area: Mergers and Acquisitions
Industry: Construction | Distribution and Wholesale
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: Michael Hanrahan, Samuel L. Closic, Jason W. Rigby, Seth T. Ford, Prickett, Jones & Elliott, Wilmington, DE; Lee D. Rudy, J. Daniel Albert, Kevin M. Kennedy, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
for defendant: Daniel A. Mason, Elizabeth Wang, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Andrew G. Gordon, Alexia D. Korberg, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Raymond J. DiCamillo, Matthew D. Perri, Kevin M. Kidwell, Richards, Layton & Finger P.A., Wilmington, DE; Bradley R. Aronstam, S. Michael Sirkin, Elizabeth M. Taylor, Ross Aronstam & Moritz LLP, Wilmington, DE; John A. Neuwirth, Evert J. Christensen, Jr., Matthew S. Connors, Tania C. Matsuoka, Weil, Gotshal & Manges LLP, New York, NY; A. Thompson Bayliss, Daniel G. Paterno, Abrams & Bayliss LLP, Wilmington, DE; Barry G. Sher, Kevin P. Broughel, Paul Hastings LLP, New York, NY; William B. Chandler III, Brad D. Sorrels, Leah E. León, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Elena C. Norman, James M. Yoch, Jr., Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Brian M. Lutz, George B. Adams III, Gibson, Dunn & Crutcher LLP, San Francisco, CA; Colin B. Davis, Gibson, Dunn & Crutcher LLP, Irvine, CA for defendants.
Case Number: 2022-0466-JTL
Court declined to dismiss non-exculpated fiduciary claims where defendants had a clear conflict of interest between continuing to operate the company or sell it and receive a valuable termination payment.
Publication Date: 2024-06-18
Practice Area: Personal Injury
Industry: Entertainment and Leisure
Court: Delaware Superior Court
Judge: Judge Butler
Attorneys: For plaintiff: Gregory V. Daulton, Marin & Gregory, LLC, Wilmington, DE for plaintiff.
for defendant: Paul D. Sunshine, Martin D. Page, Reger, Rizzo & Darnall, LLP, Wilmington, DE, attorneys for defendants.
Case Number: N22C-08-459 CEB
Golf course operator did not owe duty to person injured by stolen golf cart where a stolen cart did not constitute "exceptional circumstances" and the operator did not have notice of the risk of theft where it had only suffered one prior theft attempt under completely different circumstances than the theft of the stolen cart at issue.
Publication Date: 2024-06-18
Practice Area: Corporate Governance
Industry: Agriculture | Consulting | Energy
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: D. McKinley Measley, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for plaintiff.
for defendant: David L. Finger, Finger & Slanina, LLC, Wilmington, DE for defendants.
Case Number: 2023-0139-MTZ
Plaintiff sufficiently pled breach of fiduciary duty claims where the parties' operating agreement did not expressly permit fiduciaries to compete against the company or engage in self-interested transactions, but merely allowed managers to engage in other business opportunities.
Publication Date: 2024-06-11
Practice Area: Labor Law
Industry: Energy
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: Michael C. Heyden, Jr., Gordon Rees Scully Manskuhani, LLP, Wilmington, DE; Peggy A. Tomsic, Bryant L. Watson, Magleby, Cataxinos & Greenwood, Salt Lake City, UT for plaintiff.
for defendant: Timothy R. Dudderar, Potter Anderson & Corroon LLP, Wilmington, DE; Alan C. Bradshaw, Chad R. Derum, Mitch M. Longson, Manning Curtis Bradshaw & Bednar PLLC, Salt Lake City, UT for defendant.
Case Number: 2020-0988-PAF
Company breached equity incentive agreement by cancelling employee's award when they transferred to another company under common control with the employer and thus continued in service to the "company group."
Publication Date: 2024-06-11
Practice Area: Damages
Industry: Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: Joseph L. Christensen, Meghan M. Dougherty, Michael D. Bell, Christensen & Dougherty LLP, Wilmington, DE; Edward D. Totino, Benjamin W. Turner, Baker McKenzie LLP, Los Angeles, CA; Conal Doyle, Doyle Law APC, Beverly Hills, CA for plaintiff.
for defendant: Robert L. Burns, Kyle H. Lachmund, Nicole M. Henry, Richards, Layton & Finger, P.A., Wilmington, DE; Jennifer Selendy, Joshua S. Margolin, David A. Coon, Selendy Gay PLLC, New York, NY for defendants.
Case Number: 2021-0595-LWW
Court rejected use of highest intermediate price method to calculate former employee's losses from improperly applied lockup where there was an adequate record to calculate the average stock price over a reasonable trading period.
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