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Publication Date: 2022-10-25
Practice Area: Corporate Entities
Industry: Financial Services and Banking
Court: Delaware Superior Court
Judge: Judge Adams
Attorneys: For plaintiff: William R. Firth, III, Cohen Seglias Pallas Greenhall & Furman, P.C., Wilmington, DE; Michael J. Maloney, Felicello Law, P.C. New York, NY.
for defendant: C. Barr Flinn, Paul J. Loughman, Alberto E. Chavez, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Nirav S. Shah, Cantor Fitzgerald, L.P., New York, NY for defendant.
Case Number: N21C-12-069 MAA
The court dismissed plaintiffs' partnership interest redemption claims when filed outside the limitations period as plaintiffs' claims accrued following defendants' denial of plaintiffs' exercise of their redemption rights.
Publication Date: 2022-10-18
Practice Area: Corporate Entities
Industry: Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: Steven P. Wood, Andrew S. Dupre, Brian R. Lemon, Sarah E. Delia, Stephanie H. Dallaire, Travis J. Ferguson, McCarter & English, LLP, Wilmington, DE for plaintiff.
for defendant: Jenness E. Parker, Bonnie W. David, Lilianna Anh P. Townsend, Trevor T. Nielsen, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Eben P. Colby, Marley Ann Brumme, Skadden, Arps, Slate, Meagher & Flom LLP, Boston, MA, Wilmington, DE for defendants.
Case Number: 2020-0766-JTL
Timing of stock transfers indicated a preplanned scheme to facilitate the parties' desired transfer of stock in violation of the court's order barring the parties from acting in concert, requiring the cancellation of legal title and a brief injunctive period.
Publication Date: 2022-09-13
Practice Area: Corporate Entities
Industry: Electronics | Investments and Investment Advisory
Court: Court of Chancery
Judge: Chancellor Laster
Attorneys: For plaintiff: Marcus E. Montejo, Prickett, Jones & Elliott, P.A., Wilmington, DE for plaintiff;
for defendant: Douglas J. Cummings, DCummings Law, LLC, Wilmington, DE for defendant.
Case Number: 2019-0848-PWG
Court overruled master's recommendations for confidentiality for financial records produced under §220 request where company only managed to cite generalized concerns about loss of customers and suppliers, and shareholder had prevailing interest in obtaining valuation of his shares in long-dark company.
Publication Date: 2022-08-16
Practice Area: Corporate Entities
Industry: Real Estate
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: Brian E. Farnan, Michael J. Farnan, Farnan LLP, Wilmington, DE for plaintiffs.
for defendant: Richard P. Rollo, Travis S. Hunter, Angela Lam, Nicole M. Henry, John T. Miraglia, Richards, Layton & Finger, P.A., Wilmington, DE; Alan S. Loewinsohn, Kerry Schonwald, Loewinsohn Deary Simon Ray LLP, Dallas, TX for defendants.
Case Number: D69920
Although both parties had breached their business divorce agreements, plaintiffs had failed to demonstrate their entitlement to damages where plaintiffs' own conduct meant that defendants' breach was not the cause of plaintiffs' alleged loss.
Publication Date: 2022-07-05
Practice Area: Corporate Entities
Industry: E-Commerce | Investments and Investment Advisory | Real Estate
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: Stephen B. Brauerman, Sarah T. Andrade, Bayard, P.A., Wilmington, DE; Christopher O. Murray, Julian R. Ellis, Jr., Brownstein Hyatt Farber Schreck, LLP, Denver, CO for plaintiffs.
for defendant: Matthew F. Davis, Justin T. Hymes, Potter Anderson & Corroon LLP, Wilmington, DE; Charles F. Connolly, Akin Gump Strauss Hauer & Feld, Washington, DC; Stephen M. Baldini, Stephanie Lindemuth, Akin Gump Strauss Hauer & Feld, New York, NY for defendants.
Case Number: D69872
Partner who was removed from joint venture plausibly alleged that co-venturer improperly asserted cause to exercise its removal rights, thereby constituting a non-exculpated breach of the joint venture agreement.
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Publication Date: 2022-06-28
Practice Area: Corporate Entities
Industry: Technology Media and Telecom
Court: Delaware Supreme Court
Judge: Justice Traynor
Attorneys: For plaintiff: Frank E. Noyes, II, Offit Kurman, P.A., Wilmington, DE; Adam K. Bult, Brownstein Hyatt Farber Schreck, LLP, Las Vegas, NV; Jeremy Eicher, Eicher Law LLC, Wilmington, DE; Alan M. Dershowitz, Cambridge, MA for appellants.
for defendant: Jennifer C. Voss, Cliff C. Gardner, Elisa M.C. Klein, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for appellee.
Case Number: D69868
Chancery court erred in holding company's majority shareholder and controller in contempt of violating an exclusive jurisdiction order where shareholder was not a party to the out-of-state action filed in contempt of the chancery court's order and where controlling stake did not itself make shareholder personally liable for the company's conduct.
Publication Date: 2022-06-14
Practice Area: Corporate Entities
Industry: Consumer Products | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Slights
Attorneys: For plaintiff: C. Barr Flinn, Emily V. Burton, Lauren Dunkle Fortunato, Alberto E. Chávez, Kevin P. Rickert, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE for plaintiff.
for defendant: Patricia R. Urban, Elizabeth Wilburn Joyce, Megan Ix Brison, Pinckney, Weidinger, Urban & Joyce LLC, Wilmington, DE; Kathleen M. Miller, Robert K. Beste, III, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; Monica K. Loseman, Gibson, Dunn & Crutcher LLP, Denver, CO for defendants.
Case Number: D69848
Transaction authorized by LLC manager solely within her capacity that issued new class of equity in and amending the rights of the new class and existing classes was void as a matter of contract where the LLC's operating agreement expressly granted the right to amend to certain existing classes of members.
Publication Date: 2022-06-07
Practice Area: Corporate Entities
Industry: Investments and Investment Advisory | Retail
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: Brian Farnan, Michael J. Farnan, Farnan LLP, Wilmington, DE; Steven J. Purcell, Douglas E. Julie, Robert H. Lefkowitz, Anisha Mirchandani, Purcell Julie & Lefkowitz LLP, New York, NY for plaintiff.
for defendant: Brian M. Rostocki, Benjamin P. Chapple, Justin M. Forcier, Reed Smith LLP, Wilmington, DE; William M. Regan, Allison M. Wuertz, Hogan Lovells US LLP, New York, NY for defendants.
Case Number: D69838
Stockholder alleged sufficient claim of breach of fiduciary duty by board in claiming that he had notified board that an officer's equity compensation award violated the express limitations of the company's plan and the board took no action to rectify the error.
Publication Date: 2022-05-24
Practice Area: Corporate Entities
Industry:
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: Marc S. Casarino, Karine Sarkisian, Kennedys CMK LLP, Wilmington, DE for petitioner.
for defendant: N/A
Case Number: D69823
Due to the lack of sufficient information in a §280 petition to determine obligations to post security, a winding-up company was directed to file a document similar to a bankruptcy "first-day declaration."
Publication Date: 2022-05-17
Practice Area: Corporate Entities
Industry: Investments and Investment Advisory | Real Estate
Court: Court of Chancery
Judge: Vice Chancellor McCormick
Attorneys: For plaintiff: Max B. Walton, Kyle Evans Gay, Connolly Gallagher LLP, Newark, DE; Michael K. Ross, Thomas Shakow, Serine Consolino, Aegis Law Group LLP, Washington, DC for plaintiff.
for defendant: Stephen B. Brauerman, Elizabeth A. Powers, Bayard, P.A., Wilmington, DE; Deborah B. Baum, Pillsbury Winthrop Shaw Pittman LLP, Washington, DC; Neal C. Belgam, Kelly A. Green, Jason Z. Miller, Smith Katzenstein & Jenkins LLP, Wilmington, DE for defendants.
Case Number: D69814
Board was substantially justified in approving stock sale that diluted equal stockholder's interest, where it mooted that stockholder's legal action that posed a risk of triggering termination of the company's key contracts.
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