• Golden Rule Fin. Corp. v. Shareholder Representative Serv. LLC

    Publication Date: 2021-02-17
    Practice Area: Mergers and Acquisitions
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Michael Maimone, Faegre Drinker Biddle & Reath LLP, Wilmington, DE; Randall E. Kahnke, Peter C. Mag-nuson, Faegre Drinker Biddle & Reath LLP, Minneapolis, MN for plaintiff.
    for defendant: David E. Ross, Elizabeth M. Taylor, Ross Aronstam & Moritz LLP, Wilmington, DE; Erin C. Johnston, P.C.; McClain Thompson, Mariel A. Brookins, Kirkland & Ellis LLP, New York, NY for defendant.

    Case Number: D69297

    In this post-merger dispute, the court granted the seller's motion for dismissal of plaintiff's complaint be-cause the merger agreement specifically identified the accounting principles applicable to the post-closing price adjustment.

  • Morris v. Spectra Energy Partners (DE) GP, LP

    Publication Date: 2021-02-10
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Michael J. Barry, Rebecca A. Musarra, Grant & Eisenhoffer P.A., Wilmington, DE; Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrews & Springer LLC, Wilmington, DE; Jeremy S. Friedman, Spencer Oster, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for plaintiff.
    for defendant: Robert S. Saunders, Ronald N. Brown, III, Ryan M. Linsay, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Noelle M. Reed, Daniel S. Mayerfeld, Skadden, Arps, Slate, Meagher & Flom LLP, Hou-ston, TX for defendant.

    Case Number: D69293

    The trial court erred in applying a litigation risk discount on a motion to dismiss for lack of standing.

  • IMEG Corp. v. Patel

    Publication Date: 2021-02-03
    Practice Area: Mergers and Acquisitions
    Industry: Construction
    Court: U.S. District Court of Delaware
    Judge: District Judge Connolly
    Attorneys: For plaintiff: Mary Sikra Thomas, Prickett, Jones & Elliott, P.A., Wilmington, DE; Scott Commerson, John P. LeCrone, Davis Wright Tremaine LLP, Los Angelels, CA for petitioner.
    for defendant: Ryan Patrick Newell, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Richard J. Frey, David M. Prager, Brock J. Seraphin, Epstein Becker & Green, P.C. , Los Angeles, CA for respondent.

    Case Number: D69283

    Defendant was judicially estopped from asserting a position that was inconsistent with one taken in prior litigation.

  • Great Hill Equity Partners IV, LP v. SIG Growth Equity Fund I, LLLP

    Publication Date: 2021-01-20
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Rudolf Koch, Robert L. Burns, Megan E. O’Connor, Richards, Layton & Finger, P.A., Wilmington, DE; Adam Slutsky, Goodwin Procter LLP, Boston, MA for plaintiffs.
    for defendant: William B. Chandler III, Ian R. Liston, Jessica A. Hartwell, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Mark A. Kirsch, Scott A. Edelman, Aric H. Wu, Laura K. O’Boyle, Peter Wade, Gibson, Dunn & Crutcher LLP, New York, NY; Lewis H. Lazarus Morris James LLP, Wilmington, DE; Peter N. Flocos, Joanna A. Diakos, K&L Gates LLP, New York, NY; David S. Eagle, Sean M. Brennecke, Klehr Harrison Harvey Branzburg LLP, Wilmington, DE; Michael K. Coran, William T. Hill, Monica Clarke Platt, Gregory R. Sellers, Klehr Harrison Harvey Branzburg LLP, Philadelphia, PA for defendants.

    Case Number: D69263

    Contractual fee shifting denied where plaintiffs prevailed on certain theories but recovery of minimal damages meant that neither side qualified as a "prevailing party" and equity did not warrant shifting of fees.

  • LPPAS Representative, LLC v. ATH Holding Co., LLC

    Publication Date: 2021-01-13
    Practice Area: Mergers and Acquisitions
    Industry: Health Care | Insurance
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Matthew P. Denn, Kelly L. Freund, DLA Piper LLP, Wilmington, DE; A. Thompson Bayliss, E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE for plaintiffs.
    for defendant: Kevin M. Coen, Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Glenn M. Kurtz, White & Case LLP, New York, NY for defendants.

    Case Number: D69256

    Indemnification claims could not "relate back" to earlier where parties' contract required claims to be submitted prior to automatic release of escrow funds, but ambiguity as to whether claim met contractual materiality standard precluded judgment on the pleadings or summary judgment.

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  • 10x Genomics, Inc. v. Celsee, Inc.

    Publication Date: 2020-12-23
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology
    Court: U.S. District Court of Delaware
    Judge: District Judge Connolly
    Attorneys: For plaintiff: Frederick L. Cottrell, III, Jason J. Rawnsley, Alexandria M. Ewing, Richards, Layton & Finger, P.A., Wilmington, DE; Daralyn J. Durie, Eugene Novikov, Andrew L. Perito, Eneda Hoxha, Annie A. Lee, Ramsey W. Fisher, David F. McGowan, Durie Tangri LLP, San Francisco, CA; Kira A. Davis, Durie Tangri LLP, Los Angeles, CA for plaintiff.
    for defendant: Brian E. Farnan, Michael J. Farnan, Farnan LLP, Wilmington, DE; Barbara A. Fiacco, Jeremy A. Younkin, Brendan Jones, Emma S. Winer, Urszula Nowak, Foley Hoag LLP, Boston, MA for defendant.

    Case Number: D69230

    Parties entering acquisition negotiations lacked shared legal interest in acquisition target's ongoing litigation to invoke common interest privilege in the underlying litigation.

  • 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.

  • In re Baker Hughes Inc. Merger Litig.

    Publication Date: 2020-11-11
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Ned Weinberger, Thomas Curry, Labaton Sucharow LLP, Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Thomas A. Uebler, Joseph L. Christensen, Hayley M. Lenahan of McCollow D’Emilio Smith Uebler LLC, Wilmington, DE; Jeroen van Kwawegen, Edward G. Tim-lin, Alla Zayenchik, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Frank R. Schirripa, Kurt Hunciker, Hach Rose Schirripa & Cheverie LLP, New York, NY for plaintiffs.
    for defendant: Kevin R. Shannon, Matthew F. Davis, Callan R. Jackson of Potter Anderson & Corroon LLP, Wilmington, DE; Samuel W. Cooper, Paul Hastings LLP, Houston, TX; Edward Han, Paul Hastings LLP, Palo Alto, CA; Michael P. Kelly, Andrew S. Dupre, Sarah E. Delia, McCarter & English, LLP, Wilmington, DE; Alan S. Goudiss, Paula H. Anderson, Grace J. Lee, Shearman & Sterling, LLP, New York, NY for defendants.

    Case Number: D69185

    Except for the failure to include certain information in the proxy statement, plaintiffs failed to state a claim against the company's directors for breach of fiduciary duty.

  • Brigade Leveraged Capital Structures Fund Ltd. v. Stillwater Mining Co.

    Publication Date: 2020-10-28
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Mining and Resources
    Court: Delaware Supreme Court
    Judge: Justice Montgomery-Reeves
    Attorneys: For plaintiff: Samuel T. Hirzel, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Lawrence M. Rolnick, Steven M. Hecht, Rolnick Kramer Sadighi LLP, New York, NY for appellants.
    for defendant: S. Mark Hurd, Lauren Neal Bennett, Morris, Nichols, Arsht & Tunell LLP, Wilmington, DE; James R. Warnot, Jr., Adam S. Lurie, Brenda D. DiLuigi, Nicole E. Jerry, Elizabeth M. Raulston, Linklaters LLP, New York, NY for appellee.

    Case Number: D69166

    Rejection of stockholders' appraisal action not an abuse of discretion where multiple indicia of reliability supported chancery court's decision to find deal price the most persuasive indicator of acquired company's value.

  • In re Mindbody, Inc. Stockholders Litig.

    Publication Date: 2020-10-21
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Christopher Quinn, Friedlander & Gorris, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Jeroen van Kwawegen, Christopher J. Orrico, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiffs.
    for defendant: Lisa A. Schmidt, Robert L. Burns, Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Yosef J. Riemer, John Del Monaco, Ian C. Spain, Kirkland & Ellis LLP, New York, NY; Ryan D. Stottmann, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Patrick Gibbs, Sarah Lightdale, Cooley LLP, New York, NY for defendants.

    Case Number: D69162

    The court granted a motion to dismiss as to a corporate director, but it declined to dismiss claims against two corporate of-ficers.