0 results for 'Labaton Sucharow'
Court dismissed derivative complaint where stockholder failed to show that a majority of the board faced personal liability for willfully ignoring deficiencies in corporate oversight systems or signs the company faced a strong likelihood of corporate trauma.
Court dismissed former stockholder's fiduciary duty claim arising from breach of merger agreement leading to reduced merger consideration where the reduced price still provided a premium over the stock price and the stockholders approved the merger in an informed vote.
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.
Breach of fiduciary duty claims failed where plaintiffs failed to allege facts demonstrating that defendants took actions that were to the company's detriment or that interfered with the board's special committee's negotiations for a self-tender.
Class Actions Are Consolidated; Actions Arose From Bank's Purchase, Have Common Issues
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.
Court granted special litigation committee's motion to dismiss derivative action where members were sufficiently independent and disinterested and conducted a seven-month-long investigation that uncovered sufficient evidence to support the decision to move to dismiss.
Chancery court erred in reviewing squeeze-out merger under business judgment review where proxy statement failed to disclose potential conflicts of interest of the special committee's financial and legal advisors.
Plaintiff failed to plead demand futility due to the lack of directors' personal liability for oversight and corporate waste claims, as the failure to implement a formal policy governing executives' personal use of corporate aircraft did not, by itself, amount to bad faith, and any financial loss from personal use constituted a fraction of a percentage of the company's expenses and profits.
Court granted the application of a plaintiff team to lead a consolidated derivative action where counsel had organized the stronger litigation team and the selected plaintiffs consistent of public agencies/officials with extensive financial experience.
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