• Coster v. UIP Co., Inc.

    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.

  • In re Altaba, Inc.

    Publication Date: 2022-05-03
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Paul J. Lockwood, Arthur R. Bookout, Matthew P. Majarian, Kathryn S. Bartolacci, Gregory P. Ranzini, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; David E. Ross, Ross Aronstam & Moritz LLP, Wilmington, DE for petitioner.
    for defendant: Christopher P. Simon, Kevin S. Mann, David G. Holmes, Cross & Simon, LLC, Wilmington DE; E.F. Anthony Merchant, Q.C., Merchant Law Group LLP, Regina, Saskatchewan for claimant.

    Case Number: D69805

    Dissolved company was required to retain a security sufficient to cover the full amount of per se damages that could be imposed under statutory law governing pending litigation.

  • Krauss v. 180 Life Sciences Corp.

    Publication Date: 2022-03-22
    Practice Area: Corporate Entities
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Kenneth J. Nachbar, S. Mark Hurd, Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Aaron Miner, Arnold & Porter, New York, NY for plaintiff.
    for defendant: Matthew F. Davis, Aaron R. Sims, Callan R. Jackson, Potter Anderson & Corroon LLP, Wilmington, DE; Jeffrey W. Shields, Shields Law Offices, Irvine, CA for defendant.

    Case Number: D69754

    The court held that Krauss was entitled to advancement for fees associated with her response to the SEC subpoenas, her de-fense of the direct actions, and her prosecution of her affirmative defenses and compulsory counterclaims because those claims flowed from her position as a director and officer of KBL.

  • In Re Forum Mobile, Inc.

    Publication Date: 2022-02-15
    Practice Area: Corporate Entities
    Industry: Consulting
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Jeremy D. Anderson, Fish & Richardson P.C., Wilmington, DE for petitioner.
    for defendant: Mark Gentile, Richards, Layton & Finger, P.A., Wilmington, DE, Court-Appointed Amicus Curiae.

    Case Number: D69712

    The court held that §226(a)(3) of the Delaware General Corporation Law did not authorize the appointment of a custodian to revive an abandoned business.

  • Erisman v. Zaitsev

    Publication Date: 2022-01-11
    Practice Area: Corporate Entities
    Industry: Software
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Richard Jones, Peter C. McGivney, Berger Harris LLP, Wilmington, DE; Brian M. Gottesman, Gabell Beaver LLC, Wilmington, DE for plaintiffs.
    for defendant: Daniel A. Griffith, Quinn Griffith, Whiteford Taylor & Preston LLC, Wilmington, DE; William F. Ryan, Jr., Whiteford Taylor & Preston LLP, Baltimore, MD for defendant.

    Case Number: D69671

    The court held that plaintiffs' claims against two directors for breach of contract and breach of fiduciary duties failed to ad-equately state the elements of the claims.

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  • Amgine Tech. (US), Inc. v. Miller

    Publication Date: 2021-12-21
    Practice Area: Corporate Entities
    Industry: Software
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Emily V. Burton, Alberto E. Chávez, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE for plaintiff.
    for defendant: Srinivas M. Raju, Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; Michael C. Holmes, Margaret Dunlay Terwey, Meredith S. Jeanes, Vinson & Elkins LLP, Dallas, TX; Christopher E. Duffy, David A. Hoffman, W. Logan Lewis, Vinson & Elkins LLP, New York, NY for defendants.

    Case Number: D69646

    The court held that 1) defendant's challenge to venue was not persuasive, 2) plaintiff did indeed state a claim for inversion under rules for notice pleading, and 3) plaintiff failed to state a claim for voiding the stock agreement under §205.

  • In Re Chemours Co. Derivative Litig.

    Publication Date: 2021-11-16
    Practice Area: Corporate Entities
    Industry: Chemicals and Materials | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Robert D. Klausner, Stuart A. Kaufman, Klausner Kaufman Jensen & Levinson, Plantation, FL; Gustavo F. Bruckner, Daryoush Behbood, Pomerantz LLP, New York, NY; Kip B. Shuman, Shuman, Glenn & Stecker, San Francisco, CA; Rusty E. Glenn, Shuman, Glenn & Stecker, Denver, CO; Brett D. Stecker, Shuman, Glenn & Stecker, Ardmore, PA for plaintiffs.
    for defendant: Joel Friedlander, Jeffrey Gorris, Christopher Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Jonathan M. Moses, Ryan A. McLeod, Justin L. Brooke, Wachtell, Lipton, Rosen & Katz, New York, NY for defendants.

    Case Number: D69607

    Plaintiffs failed to allege sufficient facts to support claim of demand futility because it could not show that officers and directors faced substantial liability for approving stock repurchases and dividend payments. Motion to dismiss granted.

  • Compagnie Des Grands Hotels D'Afrique S.A. v. Starman Hotel Holdings LLC

    Publication Date: 2021-11-02
    Practice Area: Corporate Entities
    Industry: Hospitality and Lodging
    Court: U.S. District Court of Delaware
    Judge: District Judge Bibas
    Attorneys: For plaintiff: Michael P. Kelly, Andrew S. Dupre, Sarah E. Delia, McCarter & English, LLP, Wilmington, DE; David Spears, Charlita Mays, Cynthia Chen, Spear & Simes LLP, New York, NY for plaintiff.
    for defendant: David E. Ross, S. Michael Sirkin, Ross Aronstam & Moritz LLP, Wilmington, DE for defendants.

    Case Number: D69593

    The court held that the contract between the plaintiff subsidiary and a third-party was entered into prior to the existence of the parent company such that the parent company was not liable.

  • In re Cellular Tel. P'ship Litig.

    Publication Date: 2021-10-13
    Practice Area: Corporate Entities
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Carmella P. Keener, Cooch and Taylor, P.A., Wilmington, DE; Thomas R. Ajamie, David S. Siegel, Ryan van Steenis, Ajamie LLP, Houston, TX; Michael A. Pullara, Houston, Texas; Marcus E. Montejo, Kevin H. Davenport, John G. Day, Prickett, Jones & Elliott, P.A., Wilmington, DE for plaintiffs
    for defendant: Maurice L. Brimmage, Jr., Akin Gump Strauss Hauer & Feld LLP, Dallas, TX; Todd C. Schiltz, Faegre Drinker Biddle & Reath LLP, Wilmington, DE; William M. Connolly, Faegre Drinker Biddle & Reath LLP, Philadelphia, PA; Zoë K. Wilhelm, Faegre Drinker Biddle & Reath LLP, Los Angeles, CA for defendants.

    Case Number: D69570

    Court declined to award dissociation damages where controlling partner failed to comply with provisions of agreement between partnership and another affiliate of the controlling partner, but where such failure did not constitute a breach of the partnership agreement.

  • Brookfield Asset Mgmt., Inc. v. Rosson

    Publication Date: 2021-10-06
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: 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 for appellants.
    for defendant: Ned Weinberger, Derrick Farrell, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrews & Springer LLC, Wilmington, Delaware; Steven J. Purcell, Douglas E. Julie, Robert H. Lefkowitz, Kaitlyn T. Devenyns, Purcell Julie & Lefkowitz LLP, New York, NY; Jeremy S. Friedman, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for appellees.

    Case Number: D69560

    Court overruled the Gentile carve-out doctrine where it created analytical tension with Tooley and other legal doctrines permitted stockholders to pursue direct claims for fiduciary breaches.