Considering the ongoing boom in M&A shareholder litigation, it’s no surprise that lead plaintiffs are coming under increased scrutiny in Delaware Chancery Court. And even when they choose to give dubious conduct a pass, the judges are keeping score.
On Friday, over the objection of Celera Corp.’s largest shareholder, Vice Chancellor Donald Parsons approved a noncash settlement in a case challenging Quest Diagnostics’ $344 million acquisition of Celera last May. He signed off on the disclosure-only deal despite the fact that the lead plaintiff, a New Orleans pension fund, had sold its shares in the company before the merger closed.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
