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  • Firefighters Pension Sys. of the City of Kansas City, Missouri Trust v. Found. Bldg. Materials, Inc.

    Publication Date: 2024-06-18
    Practice Area: Mergers and Acquisitions
    Industry: Construction | Distribution and Wholesale
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Michael Hanrahan, Samuel L. Closic, Jason W. Rigby, Seth T. Ford, Prickett, Jones & Elliott, Wilmington, DE; Lee D. Rudy, J. Daniel Albert, Kevin M. Kennedy, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
    for defendant: Daniel A. Mason, Elizabeth Wang, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Andrew G. Gordon, Alexia D. Korberg, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Raymond J. DiCamillo, Matthew D. Perri, Kevin M. Kidwell, Richards, Layton & Finger P.A., Wilmington, DE; Bradley R. Aronstam, S. Michael Sirkin, Elizabeth M. Taylor, Ross Aronstam & Moritz LLP, Wilmington, DE; John A. Neuwirth, Evert J. Christensen, Jr., Matthew S. Connors, Tania C. Matsuoka, Weil, Gotshal & Manges LLP, New York, NY; A. Thompson Bayliss, Daniel G. Paterno, Abrams & Bayliss LLP, Wilmington, DE; Barry G. Sher, Kevin P. Broughel, Paul Hastings LLP, New York, NY; William B. Chandler III, Brad D. Sorrels, Leah E. León, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Elena C. Norman, James M. Yoch, Jr., Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Brian M. Lutz, George B. Adams III, Gibson, Dunn & Crutcher LLP, San Francisco, CA; Colin B. Davis, Gibson, Dunn & Crutcher LLP, Irvine, CA for defendants.
    Case Number: 2022-0466-JTL

    Court declined to dismiss non-exculpated fiduciary claims where defendants had a clear conflict of interest between continuing to operate the company or sell it and receive a valuable termination payment.

  • BV Advisory Partners, LLC v. Quantum Computing Inc.

    Publication Date: 2024-06-11
    Practice Area: Mergers and Acquisitions
    Industry: Education | Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Thaddeus J. Weaver, Dilworth Paxson LLP, Wilmington, DE; Thomas S. Biemer, Patrick M. Northen, Dilworth Paxson LLP, Philadelphia, PA for plaintiff.
    for defendant: Robert L. Burns, Kyle H. Lachmund, Richards Layton & Finger, P.A., Wilmington, DE; Thomas A. Uebler, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Steven M. Hecht, Rolnick Kramer Sadighi LLP, New York, NY for defendants.
    Case Number: 2022-0719-SG

    Investor's contractual claims arising from company's acquisition failed where investor failed to adequately plead a frustration of its contractual rights by defendants or the existence of such rights under the parties' agreements.

  • BitGo Holdings, Inc. v. Galaxy Digital Holdings, Ltd.

    Publication Date: 2024-06-03
    Practice Area: Mergers and Acquisitions
    Industry: Financial Services and Banking | Technology Media and Telecom
    Court: Delaware Supreme Court
    Judge: Justice Traynor
    Attorneys: For plaintiff: A. Thompson Bayliss, Michael A. Barlow, Eliezer Y. Feinstein, Abrams & Bayliss LLP, Wilmington, DE; R. Brian Timmons, David M. Grable, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA; David Cooper, Deborah K. Brown, Nathan Goralnik, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY for appellants.
    for defendant: Bradley R. Aronstam, S. Michael Sirkin, Ross Aronstam & Moritz LLP, Wilmington, DE; Andrew Ditchfield, Brian M. Burnovski, Pascale Bibi, Kyra Macy Kaufman, Davis Polk & Wardwell LLP, New York, NY; Neal Kumar Katyal, Nathaniel A.G. Zelinsky, Hogan Lovells US LLP, Washington, D.C., Dennis H. Tracey, III, Hogan Lovells US LLP, New York, NY for appellees.
    Case Number: 2022-0808

    Court remanded for reconsideration of interpretation of contractual requirement using extrinsic evidence where both parties proffered reasonable interpretations of the provision.

  • In re Columbia Pipeline Group, Inc. Merger Litig.

    Publication Date: 2024-06-03
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Ned Weinberger, Brendan W. Sullivan, Labaton Keller Sucharow LLP, Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Stephen E. Jenkins, Marie M. Degnan, Ashby & Geddes, P.A., Wilmington, DE; Jeroen van Kwawegen, Lauren A. Ormsbee, Thomas G. James, Margaret Sanborn-Lowing, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiffs.
    for defendant: Martin S. Lessner, James M. Yoch, Jr., Kevin P. Rickert, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Brian J. Massengill, Michael Olsen, Matthew C. Sostrin, Linda X. Shi, Mayer Brown LLP, Chicago, IL for defendant.
    Case Number: 2018-0484-JTL

    Court held buyer equally liable for seller's officers' breaches of fiduciary duties where buyer's culpability arose from its breaches of its contractual obligations under a standstill agreement with the seller.

  • The City of Omaha Police & Firefighters Ret. Sys. v. deSouza

    Publication Date: 2024-06-03
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Joseph L. Christensen, Christensen & Dougherty LLP., Wilmington, DE for plaintiff.
    for defendant: Peter J. Walsh, Jr., Michael A. Pittenger, Justin T. Hymes, Potter Anderson & Corroon LLP, Wilmington, DE for defendant.
    Case Number: 2024-0172-PAF

    Nominal corporate defendant failed to demonstrate need for continued confidential treatment of the complaint where company could not show how disclosure of remaining redacted information would cause harm to company's competitive advantage that outweighed the public interest in access.

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  • bioMrieux, Inc. v. Rhodes

    Publication Date: 2024-05-20
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology
    Court: Delaware Superior Court
    Judge: Judge Rennie
    Attorneys: For plaintiff: James M. Yoch, Jr., Kevin P. Rickert, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Brian Massengill, Matthew C. Sostrin, Mayer Brown LLP, Chicago, IL for plaintiffs.
    for defendant: Rudolf Koch, Travis S. Hunter, Puja A. Upadhyay, Jessica E. Blau, Richards, Layton & Finger, P.A., Wilmington, DE for defendants.
    Case Number: N23C-10-067

    Plaintiffs could not exercise attorney-client privilege over sell-side emails where the merger agreement expressly contemplated that privilege would remain with the sellers, including defendants.

  • Gerlofs v. Citizens Bank

    Publication Date: 2024-05-13
    Practice Area: Mergers and Acquisitions
    Industry: Financial Services and Banking | Consumer Products | Health Care
    Court: Delaware Superior Court
    Judge: Judge Adams
    Attorneys: For plaintiff: Christopher P. Simon, Kevin S. Mann, Cross & Simon, LLC, Wilmington, DE for petitioner.
    for defendant: Ronald N. Brown, III, Daniel P. Klusman, DLA Piper LLP, Wilmington, DE; Steven L. Caponi, Matthew B. Goeller, Megan E. O’Connor, K&L Gates LLP, Wilmington, DE; Thomas R. DeCesar, K&L Gates LLP, Harrisburg, PA for respondents.
    Case Number: N23C-09-178 MAA CCLD

    Plaintiff became solely responsible for escrow agent's legal fees and costs when she refused agent's request to interplead escrow funds and terminate its involvement in the dispute, where the parties' escrow agreement expressly contemplated the agent's non-involvement in disputes over escrow funds.

  • Himawan v. Cephalon, Inc.

    Publication Date: 2024-05-13
    Practice Area: Mergers and Acquisitions
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Richard L. Renck, Mackenzie M. Wrobel, Duane Morris LLP, Wilmington, DE; John Soroko, Wayne A. Mack, Michael J. Rinaldi, Jessica Priselac, Duane Morris, Philadelphia, PA for plaintiffs.
    for defendant: J. Matthew Belger, Kevin R. Shannon, Potter Anderson & Corroon LLP, Wilmington, DE; Jay P. Lefkowitz, P.C., Devora Allon, P.C., John P. Del Monaco, Alexandra I. Russell, Kirkland & Ellis LLP, New York, NY for defendants.
    Case Number: 2018-0075-SG

    Court granted judgment for defendants on plaintiffs' breach of merger agreement claim where record indicated defendants undertook commercially reasonable efforts to develop pharmaceutical treatment and reasonably abandoned development when testing indicated that commercialization would not result in a reasonable profit.

  • City of Sarasota Firefighters' Pension Fund v. Inovalon Holdings, Inc.

    Publication Date: 2024-05-13
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Health Care | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Ned Weinberger, Brendan W. Sullivan, Labaton Sucharow LLP, Wilmington, DE; John Vielandi, Labaton Sucharow LLP, New York, NY; Jeremy Friedman, David Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; Lee D. Rudy, Eric L. Zagar, J. Daniel Albert, Geoffrey C. Jarvis, Grant D. Goodhart, III, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for appellants.
    for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Craig K. Ferrere, Richards, Layton & Finger, P.A., Wilmington, DE; William M. Lafferty, Ryan D. Stottmann, Alexandra M. Cumings, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Blair Connelly, Latham & Watkins LLP, New York, NY; Kristin N. Murphy, Ryan A. Walsh, Latham & Watkins LLP, Costa Mesa, CA for appellees.
    Case Number: 2022-0698

    Court reversed dismissal of action challenging corporate acquisition where proxy statement failed to disclose advisors' conflicts of interest and erroneously described the advisors' roles in the transaction.

  • Movora, LLC v. Gendreau

    Publication Date: 2024-04-29
    Practice Area: Mergers and Acquisitions
    Industry: Manufacturing
    Court: Delaware Superior Court
    Judge: Judge Adams
    Attorneys: For plaintiff: R. Judson Scaggs, Jr., Grant E. Michl, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Kevin M. Downey, R. Kennon Poteat III, Anna K. Tsiotsias, Ilana B. Frier, Williams & Connolly, LLP, Washington, DC for plaintiffs.
    for defendant: David E. Ross, S. Reiko Rogozen, Ross Aronstam & Moritz LLP, Wilmington, DE; Andrew W. Vail, Benjamin J. Bradford, Jenner & Block LLP, Chicago, IL; Michael L. Vild, Christopher P. Simon, Cross & Simon, LLC, Wilmington, DE for defendants.
    Case Number: N23C-05-034 MAA CCLD

    Court denied judgment on the pleadings for defendants in action to obtain contractual indemnification in business purchase agreement where plaintiffs' interpretation of the scope of the agreement's indemnification provision, including the amount of indemnification, was facially reasonable.