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Delaware Business Court Insider

Block Inc.'s Failure to Disclose Data Breach Kept Up Stock Price, Shareholder Lawsuit Says

The complaint brings claims against Block's co-founder and chairperson, Jack Dorsey, along with Block's 10 other board members, including Jay-Z, who founded the majority Block-owned music platform TIDAL.
2 minute read

The Legal Intelligencer

Breaking Down the Updates to Pennsylvania's Associations Code

Through this legislation, the "Associations Code"—Title 15 of the Pennsylvania Consolidated Statues—was updated to account for certain changes in connection therewith. The most notable is the annual reporting requirements for certain entities, which we will break down here, along with other major changes.
4 minute read

Delaware Business Court Insider

Court Issues Reminder of Potentially Harsh Consequences for Failure to Preserve Evidence in Anticipation of Litigation

Chancellor Kathaleen St. Jude McCormick, sitting by designation on the Delaware Superior Court, recently issued an opinion that should serve as a reminder of the harsh consequences that a party may suffer if it fails to properly preserve evidence in the lead-up to litigation.
9 minute read

Delaware Business Court Insider

New Derivative Suit Says Kraft Heinz Shareholders Were Misled on Post-Merger Losses

The new complaint extensively details the plaintiff's pre-suit demand process beginning in October 2021, stating Kraft Heinz, rather than forming an independent committee of directors to investigate, created a working group consisting of two allegedly conflicted directors.
3 minute read

Delaware Business Court Insider

Alameda Claims Crypto Trusts Owe Shareholders $9B

Abrams & Bayliss attorneys with Quinn Emanuel Urquhart & Sullivan of counsel state in the complaint that if the Court of Chancery frees funds for Alameda, which has filed for Chapter 11, over a million other trust shareholders would also benefit.
3 minute read

New York Law Journal

Business Divorce and Judicial Dissolution Cases of 2022

Last year the Commercial Division rejected the New York Attorney General's bid to dissolve the National Rifle Association based on allegations of financial impropriety by some of its top executives. In addition this case, this column highlights several appellate decisions in cases brought under Section 1104-a of the BCL complaining of minority shareholder oppression, and a trial court's decision denying dismissal of a complaint seeking judicial dissolution of a limited liability company whose real estate development project stalled for over a decade.
12 minute read

Texas Lawyer

Good News for Defense Bar? New National Policy Governs Corporate Misconduct Disclosures

Under the new policy, a company is considered to have made a voluntary self-disclosure if it becomes aware of misconduct by employees or agents before that misconduct is publicly reported.
4 minute read

Delaware Business Court Insider

Chancery Court Tosses Shareholder Claims Alleging McDonald's Ignored Pattern of Sexual Harassment

Vice Chancellor Travis Laster said there was no proof of bad faith on the part of McDonald's directors in dealing with misconduct.
4 minute read

Delaware Business Court Insider

Delaware Choice-of-Law Clauses for Covenants Not to Compete—Does Delaware Have an Interest?

The Delaware's Court of Chancery recently issued its memorandum opinion in Hightower Holding v. Gibson, addressing the applicability of a Delaware choice-of-law clause in certain agreements that contained restrictive covenants, including a covenant not to compete.
6 minute read

Delaware Business Court Insider

'In re Lordstown Motors': Providing Relief From 'Untold Chaos'

In Lordstown, the court makes clear that Section 205 of the Delaware General Corporation Law (the DGCL) is available as an equitable, efficient, and effective judicial path to validate certificates of incorporation and shares issued in reliance thereon that, following the Boxed opinion, were the subject of some uncertainty.
8 minute read

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