• 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.

  • Stream TV Networks, Inc. v. SeeCubic, Inc.

    Publication Date: 2020-12-30
    Practice Area: Corporate Governance
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Scott D. Cousins, Cousins Law, LLC, Wilmington, DE; Luis Salazar, Jose Ceide, Daniel Halperin, Salazar Law, Miami, FL for plaintiff.
    for defendant: Robert S. Saunders, Jenness E. Parker, Bonnie W. David, Skadden, Arps, Slate, Meagher & Flom LLP, Wil-mington, DE; Eben P. Colby, Marley Ann Brumme, Skadden, Arps, Slate, Meagher & Flom LLP, Boston, MA for defendants.

    Case Number: D69244

    An insolvent company failed to establish a reasonable probability of success on the merits, so the court de-nied its request for a preliminary injunction.

  • 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.

  • Lipman v. GPB Capital Holdings LLC

    Publication Date: 2020-12-02
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Marcus E. Montejo, Stephen D. Dargitz, Prickett, Jones & Elliott, P.A., Wilmington, DE; Chet B. Waldman, Adam J. Blander, Wolf Popper LLP, New York, NY for plaintiffs.
    for defendant: Patricia L. Enerio, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Tab K. Rosenfeld, Steven M. Kaplan, Nicole E. Meyer. Rosenfeld & Kaplan, LLP, New York, NY for defendants GPB Capital Holdings LLC and nominal defendants GPB Holdings II, LP and GPB Automotive Portfolio, LP. Jacob R. Kirkham, Kobre & Kim LLP, Wilmington, DE; William McGovern, Leif T. Simonson, Kobre & Kim LLP, New York, NY for defendant Gentile. Michael W. McDermott, Richard I.G. Jones, Jr., Berger Harris LLP, Wil-mington, DE; Jeffrey Schreiber, Richard J. Jancasz, Meister Seelig & Fein LLP, New York, NY for defendant Schneider. David A. Felice, Bailey & Glasser, LLP, Wilmington, DE; Kevin D. Galbraith, Law Office of Kevin Galbraith, LLC, New York, NY for defendant Lash.

    Case Number: D69209

    Plaintiffs adequately stated claims for breach of fiduciary duty as to the controller and general partner of two limited partnerships.

  • In re TerraForm Power, Inc. Stockholders Litig.

    Publication Date: 2020-11-18
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Ned Weinberger, Derrick Farrell, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Peter B. Andrews, Craig J. Springer, Davis M. Sborz, Andrews & Springer LLC, Wilmington DE; Jeremy S. Friedman, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; Steven J. Purcell, Douglas E. Julie, Robert H. Lefkowitz, Kaitlyn T. Devenyns, Purcell Julie & Lefkowitz LLP, New York, NY for plaintiffs.
    for defendant: Kevin G. Abrams, Eric A. Veres, Stephen C. Childs, Abrams & Bayliss LLP, Wilmington, DE; John A. Neuwirth, Stefania D. Venezia, Amanda K. Pooler, Weil, Gotshal & Manges LLP, New York, NY; Brian C. Ralston, Seth R. Tangman, Caneel Radinson-Blasucci, Potter Anderson & Corroon LLP, Wilmington, DE; Daniel M. Sullivan, Holwell Shuster & Goldberg LLP, New York, NY for defendants.

    Case Number: D69192

    Court declined to disregard precedent set forth in Gentile v. Rosette where present case involved, as it did in Gentile, a corporate controller's actions to cause the corporation to issue stock for insufficient consideration such that the controller could increase its stake in the company at the expense of the public minority stockholders, allowing those stockholders to pursue direct claims.

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  • United Food & Commercial Workers Union v. Zuckerberg

    Publication Date: 2020-11-11
    Practice Area: Corporate Governance
    Industry: E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: P. Bradford deLeeuw, deLeeuw Law LLC, Wilmington, DE; Robert C. Schubert, Schubert Jonckheer & Kolbe LLP, San Francisco, CA; James E. Miller, Shepherd Finkelman Miller & Shah, LLP, Chester, CT for plaintiff.
    for defendant: Kevin R. Shannon, Berton W. Ashman, Jr., Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilming-ton, DE; William Savitt, Ryan A. McLeod, Anitha Reddy, Cecilia A. Glass, Wachtell, Lipton, Rosen & Katz, New York, NY; Raymond J. DiCamillo, Kevin M. Gallagher, Megan E. O’Connor, Richards, Layton & Finger, P.A., Wilmington, DE; George M. Garvey, Laura Lin, Munger, Tolles & Olson LLP, Los Angeles, CA; David E. Ross, Garrett B. Moritz, R. Garrett Rice, Ross Aronstam & Moritz LLP, Wilmington, DE for defendants.

    Case Number: D69189

    Plaintiffs failed to establish demand futility because a majority of the board was capable of impartially con-sidering a litigation demand.

  • Sylebra Capital Partners Master Fund, Ltd. v. Perelman

    Publication Date: 2020-10-28
    Practice Area: Corporate Governance
    Industry: Entertainment and Leisure | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Samuel T. Hirzel II, Gillian L. Andrews, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Patrick J. Smith, Andrew J. Rodgers, Nicholas J. Karasimas, Smith Villazor LLP, New York, NY for plaintiffs.
    for defendant: William M. Lafferty, Susan W. Waesco, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Kevin J. Orsini, Rory A. Leraris, Cravath, Swaine & Moore LLP, New York, NY for defendants.

    Case Number: D69171

    The court dismissed plaintiff's complaint because the company's bylaws contained a mandatory forum selection provision in favor of another state.

  • Berhmann v. Brandt

    Publication Date: 2020-10-21
    Practice Area: Corporate Governance
    Industry: Health Care | Manufacturing
    Court: U.S. District Court of Delaware
    Judge: District Judge Andrews
    Attorneys: For plaintiff: Ryan M. Ernst, O’Kelly Ernst & Joyce, LLC, Wilmington, DE; Thomas J. McKenna, Gregory M. Egleston, Gainey McKenna & Egleston, New York, NY for plaintiffs.
    for defendant: Paul J. Lockwood, Jenness E. Parker, Veronica B. Bartholomew, Skadden, Arps, Slate, Meagher & Flom, LLP, Wilmington, DE for defendants.

    Case Number: D69158

    Dismissal of derivative complaint for failure to adequately plead demand futility and failure to state a claim granted without prejudice, where plaintiffs were given leave to move to amend their complaint and assert amendments and additional allegations that would cure the pleading deficiencies of their complaint.

  • Lacey v. Mota-Velasco

    Publication Date: 2020-10-21
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Mining and Resources
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, David 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: William M. Lafferty, John P. Ditomo, Elizabeth A. Mullin, Morris, Nichols, Arsht & Tunnel LLP, Wilmington, DE; Bradley J. Benoit, Bryan Dumesnil, Bracewell LLP, Houston, TX; Ralph D. McBride, Houston, TX; Srinivas M. Raju, Andrew J. Peach, Matthew W. Murphy, Richards Layton & Finger, P.A., Wilmington, DE; Steven R. Selsberg, S. Selsberg Law, P.L.L.C., Houston, TX; Sylvai A. Mayer, S. Mayer Law PLLC, Houston, TX; Peter J. Walsh, Jr., Matthew F. Davis, Elizabeth M. Taylor, Potter Anderson & Corroon LLP, Wilmington, DE; Robert J. Giuffra, Jr., David M.J. Rein, Matthew A. Peller, Y Carson Zhou, Sullivan & Cromwell LLP, New York, NY for defendants.

    Case Number: D69164

    The court granted a motion to dismiss as to a foreign defendant due to lack of personal jurisdiction, because plaintiff failed to allege any acts in Delaware which were in furtherance of a conspiracy.

  • In re: TrueCar, Inc. Stockholder Derivative Litig.

    Publication Date: 2020-10-14
    Practice Area: Corporate Governance
    Industry: Automotive | E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Thomas A. Uebler, Jeremy J. Riley, McCollom D’emilio Smith Uebler LLC, Wilmington, DE; P. Bradford deLeeuw, Deleeuw Law LLC, Wilmington, DE; Melinda A. Nicholson, Nicolas Kravitz, Eda Ayrim Walker, Kahn Swick & Foti, LLC, New Orleans, LA; Ashley R. Rifkin, Steven R. Wedeking, Robbins LLP, San Diego, CA; Jeffrey S. Abraham, Michael J. Klein, Abraham, Fruchter & Twersky, LLP, New York, NY for plaintiffs.
    for defendant: Shannon E. German, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Jerome F. Birn, Jr., Catherine Moreno, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; Gregory P. Williams, Brock E. Czeschin, Kevin M. Regan, Richards, Layton & Finger, P.A., Wilmington, DE; Albert H. Manwaring, IV, Albert J. Carroll, Morris James LLP, Wilmington, DE; Brian Michael Lutz, Michael J. Kahn, Gibson, Dunn & Crutcher LLP, San Francisco, CA; Jon E. Abramczyk, Ryan D. Stottmann, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Jon E. Abramczyk, Ryan D. Stottmann, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Ralph C. Ferrara, Ann M. Ashton, Proskauer Rose LLP, Washington, DC; Julia D. Alonzo, Proskauer Rose LLP, New York, NY for defendants.

    Case Number: D69152

    Stockholders' derivative action dismissed for failure to make litigation demand where plaintiffs failed to plead facts showing that directors faced reasonable risk of liability from the derivative action and thus could not impartially consider a litigation demand.