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ARC Global Inv., II, LLC v. Digital World Acquisition Corp.
Publication Date: 2024-10-01
Practice Area: Mergers and Acquisitions
Industry: Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys:
For plaintiff: Matthew D. Perri, Daniel E. Kaprow, Elizabeth J. Freud, Alfred P. Dillione, Rae Ra, Richards, Layton & Finger, P.A., Wilmington, DE for plaintiff.
For defendant: Kevin M. Coen, Jacob M. Perrone, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Bradley J. Bondi, D. Scott Carlton, Traci Zeller, Nicholas J. Griepsma, Paul Hastings LLP, Washington, D.C. for defendant.
Case number: 2024-0186-LWW

Court recalculated conversion ratio following business combination where inclusion of issued shares regardless of the circumstances of issuance was consistent with the anti-dilutive purpose of the conversion.

Sierra v. Trafigura Trading LLC
Publication Date: 2024-09-24
Practice Area: Damages
Industry: Mining and Resources
Court: U.S. District Court of Delaware
Judge: District Judge Burke
Attorneys:
For plaintiff: Michael L. Vild, Cross & Simon, LLC, Wilmington, DE; David A. Baron, Melvin White, Laina C. Lopez, Jared R. Butcher, Berliner Corcoran & Rowe LLP, Washington, DC; Richard W. Fields, Martin F. Cunniff, Edward Han, Fields Han Cunniff PLLC, Washington, DC for plaintiffs.
For defendant: Jack B. Blumenfeld, Michael J. Flynn, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Alex J. Brackett, Caroline Schmidt Burton, Andrew P. Thornton-Dibb, Juliet B. Clark, McGuire Woods LLP, Richmond, VA for defendants.
Case number: 22-366-JLH-CJB

Plaintiffs failed to plausibly state a claim of liability against a party for trafficking in plaintiffs' property allegedly wrongfully confiscated by the Cuban government where plaintiffs only asserted threadbare allegations of defendant's participation in the trafficking efforts.

Fortis Advisors LLC v. Johnson & Johnson
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.

L-5 Healthcare Partners, LLC v. Alphatec Holdings, Inc.
Publication Date: 2024-09-03
Practice Area: Contracts
Industry: Financial Services and Banking | Biotechnology | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Cook
Attorneys:
For plaintiff: William M. Lafferty, D. McKinley Measley, Thomas P. Will, Alexandra M. Cumings, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Antonio Yanez, Jr., Brady Sullivan, Willkie Farr & Gallagher LLP, New York, NY; Alexander L. Cheney, Willkie Farr & Gallagher LLP, San Francisco, CA for plaintiff.
For defendant: Philip A. Rovner, Potter Anderson & Corroon LLP, Wilmington, DE; Krista M. Enns, Edward C. Wipper, Benesch Friedlander Coplan & Aronoff LLP, New York, NY for defendant.
Case number: 2019-0412-NAC

Court enforced contractual specific remedy provision where breaching party offered no persuasive argument for disregarding the clause and ordered the breaching party to perform at the value the warrant to purchase shares had at the time of its breach.

Thomson Reuters Enter. Centre GmbH v. Ross Intelligence Inc.
Publication Date: 2024-08-20
Practice Area: Copyrights
Industry: E-Commerce | Software | Technology Media and Telecom
Court: U.S. District Court of Delaware
Judge: District Judge Bibas
Attorneys:
For plaintiff: Jack B. Blumenfeld, Michael J. Flynn, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Dale M. Cendali, Jeremy King, Eric A. Loverro, Joshua L. Simmons, Kirkland & Ellis LLP, New York, NY; Miranda Means, Kirkland & Ellis LLP, Boston, MA; Yungmoon Chang, Allyn Belusko, Kirkland & Ellis LLP, Los Angeles, CA for plaintiffs.
For defendant: David Ellis Moore, Bindu Ann George Palapura, Andrew L. Brown, Potter Anderson & Corroon LLP, Wilmington, DE; Warrington Parker, Joachim B. Steinberg, Jacob Canter, Christopher J. Banks, Anna Z. Saber, Crowell & Moring LLP, San Francisco, CA; Mark A. Klapow, Crinesha B. Berry, Lisa Kimmel, Crowell & Moring LLP, Washington, D.C.; Emily T. Kuwahara, Jordan Ludwig, Crowell & Moring LLP, Los Angeles, CA; Ryan Henry Seewald, Crowell & Moring LLP, Denver, CO for defendant.
Case number: 1:20-cv-613-SB

Expert opinion on liability was not unreliable where it detailed how data for comparison was selected, as limited qualitative analysis did not automatically render the opinion unreliable.

In re: Insys Therapeutics Inc.
Publication Date: 2024-08-13
Practice Area: Bankruptcy
Industry: Legal Services | Pharmaceuticals
Court: U.S. District Court of Delaware
Judge: District Judge Williams
Attorneys:
For plaintiff: Derek C. Abbott, Matthew O. Talmo, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Eric D. Madden, Reid Collins & Tsai LLP, Dallas, TX; Keith Y. Cohan, Ryan M. Goldstein, Morgan M. Menchaca, Reid Collins & Tsai LLP, Austin, TX for plaintiff.
For defendant: Michael W. McDermott, Peter C. McGivney, Berger Harris LLP, Wilmington, DE; Richard C. Pedone, Brian T. Kelly, Nixon Peabody LLP, Boston, MA for defendant.
Case number: 19-11292 (JTD)

Court determined that former officer was obligated to repay advanced legal expenses where he was ultimately convicted on a single racketeering conspiracy charge that included the same alleged predicate racketeering activities as the first indictment, undermining claims of partial success in the criminal prosecution.

Pinnacle Fertility Holdings, LP v. Jain
Publication Date: 2024-08-13
Practice Area: Contracts
Industry: Health Care
Court: Court of Chancery
Judge: Vice Chancellor Slights
Attorneys:
For plaintiff: Ryan D. Stottmann, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for plaintiffs.
For defendant: Henry E. Gallagher, Jr., Connolly Gallagher LLP, Wilmington, DE for defendants.
Case number: 2023-1280-MTZ

Court declined to enforce arbitration provision against nonsignatory plaintiffs where their complaint did not seek to enforce the terms of the contract containing the arbitration clause.

InterMune, Inc. v. Harkonen
Publication Date: 2024-08-13
Practice Area: Insurance Law
Industry: Biotechnology | Insurance | Pharmaceuticals
Court: Court of Chancery
Judge: Vice Chancellor Cook
Attorneys:
For plaintiff: Karen A. Jacobs, Megan W. Cascio, Courtney Kurz, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Laurie Carr Mims, Benjamin D. Rothstein, Candice Mai Khanh Nguyen, Melissa Cornell, Catherine C. Porto, Keker, Van Nest & Peters LLP, San Francisco, CA for plaintiffs.
For defendant: Michael A. Weidinger, Megan Ix Brison, Pinckney, Weidinger, Urban & Joyce LLC, Wilmington, DE; Elizabeth Sandza, Richard Sandza, Sandza Law, PLLC, Washington, DC for defendant.
Case number: 2021-0694-NAC

Officer was obligated to reimburse corporation for advancement costs issued in connection with officer's criminal prosecution for actions taken in the course of his duties when that prosecution culminated in his conviction, precluding him from asserting good faith entitlement to indemnification under the Delaware General Corporation Law.

McMillan v. Nelson
Publication Date: 2024-07-23
Practice Area: Corporate Governance
Industry: Entertainment and Leisure
Court: Court of Chancery
Judge: Chancellor McCormick
Attorneys:
For plaintiff: Thomas W. Briggs, Jr., Tarik J. Haskins, Elizabeth A. Mullin Stoffer, Jacob M. Perrone, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Alan I. Silver, Tal A. Bakke, Bassford Remele, P.A., Minneapolis, MN for plaintiffs.
For defendant: Alexandra D. Rogin, Paul S. Seward, Eckert Seamans Cherin & Mellott, LLC, Wilmington, DE; Stephen A. Ling, Karen D. Olson, Spencer Fane LLP, Minneapolis, MN; Courtney L. Creal, Spencer Fane LLP, Nashville, TN for defendants.
Case number: 2024-0016-KSJM

Court granted managing members summary judgment on claim to invalidate purported amended LLC agreement where prior version of agreement expressly excluded non-managing members from taking unilateral actions on behalf of the company or removing managing members without remaining managing members' consent.

Channel PES Acquisition Co., LLC v. Heritage-Crystal Clean, Inc.
Publication Date: 2024-07-16
Practice Area: Mergers and Acquisitions
Industry: Chemicals and Materials | Investments and Investment Advisory
Court: Delaware Superior Court
Judge: Judge Adams
Attorneys:
For plaintiff: Stamatios Stamoulis, Richard C. Weinblatt, Stamoulis & Weinblatt LLC, Wilmington, DE; Richard A. Schwartz, Ross LLP, Los Angeles, CA for plaintiff.
For defendant: John P. DiTomo, Alec F. Hoeschel, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Brian J. Massengill, Matthew E. Fenn, Mayer Brown LLP, Chicago, IL for defendant.
Case number: N23C-08-206 MAA CCLD

Claims connected to the process of calculation and payment fell within scope of parties' limited arbitration clause covering the calculation of payment for acquired company following post-closing true-up.

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