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Publication Date: 2024-09-17
Practice Area: Mergers and Acquisitions
Industry: Investments and Investment Advisory | Pharmaceuticals
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Michael A. Barlow, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE; Andrew M. Berdon, Angus Chen, Alexandria Deep Conroy, Courtney C. Whang, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Joseph M. Paunovich, David M. Elihu, James Bieber, Andrew Brayton, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for plaintiff.
for defendant: David E. Wilks, Scott B. Czerwonka, Wilks Law, LLC, Wilmington, DE; Deborah E. Fishman, Carson D. Anderson, Arnold & Porter Kaye Scholer LLP, Palo Alto, CA; Daniel L. Reisner, Jeffrey A. Fuisz, Angela R. Vicari, Matthew M. Wilk, Arnold & Porter Kaye Scholer LLP, New York, NY; Howard Sklamberg, Jeremy Cobb, Arnold & Porter Kaye Scholer LLP, Washington, DC for defendant.
Case Number: 2020-1069-MTZ
Deprioritizing and terminating drug development project fell short of commercially reasonable efforts when other companies progressed with developing competing therapies and caused the failure to meet milestones, in breach of the merger agreement.
Publication Date: 2024-09-17
Practice Area: Corporate Governance
Industry: Health Care | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: David J. Margules, Elizabeth A. Sloan, Steven L. Becton, II, Ballard Spahr LLP, Wilmington, DE for plaintiff.
for defendant: Mary F. Dugan, Emily V. Burton, Tanner C. Jameson, Alan C. Cardenas-Moreno, Young Conaway Stargatt & Taylor LLP, Wilmington, DE for defendant.
Case Number: 2024-0121-LWW
Court upheld transaction involving merger of operating subsidiary and amendment of its LLC agreement to remove manager, where the relevant LLC agreements and the LLC Act authorized the actions taken to facilitate the transaction.
Publication Date: 2024-09-17
Practice Area: Business Torts
Industry: Real Estate
Court: U.S. District Court of Delaware
Judge: District Judge Bryson
Attorneys: For plaintiff:
for defendant:
Case Number: 22-785-WCB
Court denied motion for appointment of receiver where corporation's difficulties mostly harmed its customers, whose interests were more appropriately protected through consumer protection actions.
Publication Date: 2024-09-17
Practice Area: Mergers and Acquisitions
Industry: Biotechnology | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: Bradley R. Aronstam, Roger S. Stronach, Dylan T. Mockensturm, Ross Aronstam & Moritz LLP, Wilmington, DE; Philippe Z. Selendy, Jennifer M. Selendy, Sean P. Baldwin, Oscar Shine, Selendy Gay PLLC, New York, NY for plaintiff.
for defendant: William M. Lafferty, Susan W. Waesco, Elizabeth A. Mullin Stoffer, Kirk C. Andersen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Joshua A. Goldberg, Muhammad U. Faridi, Diana M. Conner, Lauren S. Potter, Patterson Belknap Webb & Tyler LLP, New York, NY for defendants.
Case Number: 2020-0881-LWW
Evidence demonstrated that acquirer intentionally sabotaged development of seller's new technology to avoid making earnout payments, in violation of the merger agreement's requirement to use commercially reasonable efforts and designate the technology as a company priority.
Publication Date: 2024-09-10
Practice Area: Mergers and Acquisitions
Industry: Cargo and Shipping | Manufacturing
Court: Delaware Superior Court
Judge: Judge Medinilla
Attorneys: For plaintiff: Thad J. Bracegirdle, Bayard, P.A., Wilmington, DE; Chad I. Michaelson, Antoinette C. Oliver, Kate E. McCarthy, Meyer, Unkovic & Scott LLP, Pittsburgh, PA for plaintiff.
for defendant: Samuel T. Hirzel, II, Elena M. Sassaman, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE for defendant.
Case Number: N24C-01-090 VLM CCLD
Buyer plausibly alleged breach of asset purchase agreement where underlying litigation claimed that seller breached its contractual obligations to design and deliver a product, which in turn breached seller's representation that it was in compliance with its contractual obligations.
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Publication Date: 2024-09-10
Practice Area: Bankruptcy
Industry: Financial Services and Banking
Court: U.S. District Court of Delaware
Judge: District Judge Williams
Attorneys: For plaintiff:
for defendant:
Case Number: 22-11309-MFW
No error in declining dismissal of bankruptcy petition where debtor was balance sheet insolvent and reasonably anticipated filing for bankruptcy absent reorganization.
Publication Date: 2024-09-10
Practice Area: Contracts
Industry: Transportation
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: John A. Sensing, Tyler E. Cragg, Hannah L. Paxton, Potter Anderson & Corroon LLP, Wilmington, DE for plaintiff.
for defendant: Steven J. Fineman, Travis S. Hunter, Alexandra M. Ewing, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE for defendant.
Case Number: 2024-0471-SG
Court declined to grant leave for an interlocutory appeal from the denial of a preliminary injunction where the court's order only resolved one outstanding issue in the case and thus an interlocutory appeal would not materially advance the litigation.
Publication Date: 2024-09-10
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: Michael A. Pittenger, Jacqueline A. Roger, Adriane M. Kappauf, Rebecca Bolinger, Potter Anderson & Corroon LLP, Wilmington, DE; Andrew J. Levander, Mauricio A. España, Dechert LLP, New York, NY; Christopher J. Merken, Julia M. Curley, Dechert LLP, Philadelphia, PA for plaintiffs.
for defendant: Travis S. Hunter, Matthew W. Murphy, John M. O’Toole, Mari Boyle, Richards, Layton & Finger, P.A., Wilmington, DE for defendants.
Case Number: 2023-1247-LWW
Corporation's purposeful violation of the express prohibition of setting a retroactive record date for an annual stockholders' meeting warranted invalidating the board election results and reinstating the prior board to hold a new election.
Publication Date: 2024-09-10
Practice Area: Corporate Governance
Industry: Consulting | Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Chancellor Wallace
Attorneys: For plaintiff: Alan D. Albert, O’Hagan Meyer PLLC, Wilmington, DE; Charles M. Sims, Rachael L. Loughlin, C. Quinn Adams, O’Hagan Meyer PLLC, Richmond, VA for plaintiff.
for defendant: Brian C. Ralston, Daniel M. Rusk, IV, Potter Anderson & Corroon LLP, Wilmington, DE; Paul A. Werner, Imad Matini, Sheppard Mullin Richter & Hampton, LLP, Washington, DC for defendant.
Case Number: 2022-0437-PRW
Absolute litigation privilege did not bar company from triggering its contractual membership interest repurchase option where public policy interests did not override the parties' contractual agreements.
Publication Date: 2024-09-10
Practice Area: Mergers and Acquisitions
Industry: Technology Media and Telecom
Court: Delaware Superior Court
Judge: Judge Medinilla
Attorneys: For plaintiff: Jeffrey L. Moyer, Travis S. Hunter, Wilmington, DE for plaintiffs.
for defendant: Michael A. Barlow, Hayden J. Driscoll, Wilmington, DE for defendants.
Case Number: N24C-02-130 VLM CCLD
Sellers plausibly alleged fraud claim by asserting that buyers intentionally misrepresented the synergistic possibility of the parties' products to convince sellers that buyers could reach the proposed earnout targets.
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