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  • Equity-League Pension Trust Fund v. Great Hill Partners L.P.

    Publication Date: 2021-12-14
    Practice Area: Corporate Governance
    Industry: E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Corinne Elise Amato, Kevin H. Davenport, Jason W. Rigby, Prickett, Jones & Elliott, P.A., Wilmington, DE; Eric L. Zagar, Matthew C. Benedict, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Patrick C. Lynch, Lynch & Pine, Providence, RI, for plaintiff.
    for defendant: Paul J. Lockwood, Jenness E. Parker, Jacob J. Fedechko, Trevor T. Nielsen, Skadden, Arps, Slate, Meagher & Flom, Wilmington, DE; John L. Reed, Ronald N. Brown, III, Peter H. Kyle, Kelly L. Fruend, DLA Piper LLP (US), Wilmington, DE; Rudolf Koch, Matthew D. Perri, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE; Roberto M. Braceras, Caroline H. Bullerjahn, John A. Barker, Dylan E. Schweers, Goodwin Procter LLP, Boston, MA; Kurt M. Heyman, Gillian L. Andrews, Heyman Enerio Gattuso & Hir-zel, LLP, Wilmington, DE; Brandon F. White, Euripides Dalmanieras, Leah S. Rizkallah, Foley Hoag LLP, Boston, MA for defendants.
    Case Number: D69638

    The court held in this derivative suit that demand was not excused where there was no showing that at least five members of a nine-member board of directors were unable to consider a pre-suit demand. Motions to dismiss granted.

  • Hollywood Firefighters' Pension Fund v. Malone

    Publication Date: 2021-11-23
    Practice Area: Attorney Compensation
    Industry: Investments and Investment Advisory | Legal Services | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Gregory V. Varallo, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Michael Hanrahan, Kevin H. Davenport, Mary S. Thomas, Prickett, Jones & Elliott, P.A.; Mark Lebovitch, Jacqueline Y. Ma, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Lee D. Rudy, Eric L. Zagar, Christopher M. Windover, Matthew C. Benedict, Kessler Topaz Meltzer & Check, LLP, Randor, PA; Robert D.Klausner, Klausner Kaufman Jensen & Levinson, P.A., Plantation, FL; Aaron T. Morris, Morris Kandinov LLP, Stowe, VT for plaintiffs.
    for defendant: Robert S. Saunders, Joseph O. Larkin, Matthew P. Majarian, Ryan M. Lindsay, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Richard B. Harper, Thomas E. O’Brien, Vern Cassin, Baker Botts LLP, New York, NY; Kenneth J. Nachbar, Megan W. Cascio, Thomas P. Will, Sarah P. Kaboly, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Douglas D. Herrmann, Emily L. Wheatley, Troutman Pepper Hamilton Sanders LLP, Wilmington, DE for defendants.
    Case Number: D69614

    The court held that plaintiffs were entitled to a mootness fee in the amount of 9 million dollars.

  • In Re: Altaba, Inc.

    Publication Date: 2021-10-27
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Paul J. Lockwood, Arthur R. Bookout, Matthew P. Majarian, Kathryn S. Bartolacci, Gregory P. Ranzini, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; David E. Ross, Ross Aronstam & Moritz LLP, Wilmington, DE for petitioner.
    for defendant: Michael A. Pittenger, Berton W. Ashman, Jr., David A. Seal, Potter Anderson & Corroon LLP, Wilmington, DE; William Savitt, Adam M. Gogolak, Wachtell, Lipton, Rosen & Katz, New York, NY for claimants.
    Case Number: D69582

    During the process of sale and dissolution, company failed to provide sufficient security to cover potential indemnification claims incurred by buyer.

  • Yatra Online, Inc. v. Ebix, Inc.

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Software | Transportation | Travel and Tourism
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP; Wilmington, DE; Mark Lebovitch, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Alisa E. Moen, Moen Law LLC, Wilmington, DE for plaintiff.
    for defendant: Paul J. Lockwood, Cliff C. Gardner, Elisa M.C. Klein, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Tammy L. Mercer, Lakshmi A. Muthu, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Robert A. Muckenfuss, Kelly A. Warlich, McGuireWoods LLP, Charlotte, NC; Kayla J. Marshall, McGuireWoods LLP, Washington DC; Michael D. DeBaecke, F. Troupe Mickler IV, Ashby & Geddes, P.A., Wilmington, DE; Victor A. Walton, Jr., Eric W. Richardson, David F. Hine, Vorys, Sater, Seymour and Pease LLP, Cincinnati, OH for defendants.
    Case Number: D69537

    Where plaintiff terminated a merger agreement, the termination provision in the agreement prevented plaintiff from re-covering against defendant for breach of contract.

  • Teamsters Local 237 Additional Sec. Benefit Fund v. Caruso

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Jeroen van Kwawegen, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Randall J. Baron, David Wissbroecker, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Nashville, TN for plaintiffs.
    for defendant: Edward B. Micheletti, Cliff C. Gardner, Veronica B. Bartholomew, Gregory P. Ranzini, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendant.
    Case Number: D69536

    Claim of breach of fiduciary duty by CEO with conflict of interest in merger transaction failed where there was no allegation that the independent board was unreasonable in its oversight activities during the negotiation process or that CEO acted to undermine the board's authority.

  • Flannery v. Genomic Health, Inc.

    Publication Date: 2021-09-01
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Samuel L. Closic, Eric J. Juray, Prickett, Jones & Elliott, P.A., Wilmington, DE; Stephen J. Oddo, Gregory E. Del Gaizo, Eric M. Carrino, Robbins LLP, San Diego, CA for plaintiff.
    for defendant: Robert S. Saunders, Stefania A. Rosca, Matthew R. Conrad, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; C. Barr Flinn, Emily V. Burton, Peter J. Artese, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Douglas A. Rappaport, Kaitlin D. Shapiro, Akin Gump Strauss Hauer & Feld LLP, New York, NY; Daniel A. Mason, Brendan W. Sullivan, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Daniel J. Toal, Geoffrey Chepiga, Caitlin E. Grusauskas, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; William M. Lafferty, Daniel T. Menken, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Tariq Mundiya, Willkie Farr & Gallagher LLP, New York, NY for defendants.
    Case Number: D69521

    The court granted defendants' motions to dismiss plaintiff's breach of fiduciary duty claims, because plaintiff did not establish any improper conduct in connection with a merger.

  • In re: SmileDirectClub, Inc. Derivative Litig.

    Publication Date: 2021-06-16
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; P. Bradford deLeeuw, deLeeuw Law LLC, Wil-mington, DE; Lee Squitieri, Squitieri & Fearon, LLP, New York, NY; Jeffrey S. Abraham, Michael J. Klein, Abraham, Fruchter & Twersky LLP, New York, NY; Donald J. Enright, Elizabeth K. Tripodi, Jordan Cafritz, Levi & Korsinsky, LLP for plaintiffs.
    for defendant: Edward B. Micheletti, Jenness E. Parker, of Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Scott D. Musoff, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY for defendants.
    Case Number: D69435

    The court granted defendants' motion to dismiss this derivative because plaintiffs failed to meet the con-temporaneous ownership requirement, so they lacked standing.

  • In re: Appraisal of Regal Ent. Group

    Publication Date: 2021-06-02
    Practice Area: Mergers and Acquisitions
    Industry: Entertainment and Leisure
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Samuel T. Hirzel, II, Jamie L. Brown, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; David J. Margules, Elizabeth A. Sloan, Ballard Spahr LLP, Wilmington, DE; Thomas E. Redburn, Jr., Maya Ginsburg, Lowenstein Sandler LLP, New York, NY for petitioners.
    for defendant: Robert S. Saunders, Jenness E. Parker, Lauren N. Rosenello, Kaitlin E. Maloney, Justin C. Barrett, Andrew D. Kinsey, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for respondents.
    Case Number: D69419

    In this statutory appraisal proceeding, the court relied on the deal price minus synergies, and then added value connected with changes which occurred between the time of the merger agreement and the closing date.

  • In re WeWork Litig.

    Publication Date: 2021-01-06
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: William B. Chandler III, Brad D. Sorrels, Lori W. Will, Lindsay Kwoka Faccenda, Leah E. Brenner, Jeremy W. Gagas, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Michael S. Sommer, Wilson Sonsini Goodrich & Rosati, P.C., New York, NY; David J. Berger, Steven M. Guggenheim, Dylan G. Savage of Wil-son Sonsini Goodrich & Rosati, P.C. , Palo Alto for plaintiff We Company; William M. Lafferty, Kevin M. Coen, Sabrina M. Hendershot, Sara Toscano, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Eric Seiler, Philippe Adler, Mala Ahuja Harker, Friedman Kaplan Seiler & Adelman LLP, New York, NY; William Christopher Carmody, Shawn J. Rabin, Arun Subramanian, Susman Godfrey L.L.P., New York, NY for plain-tiffs Neumann and We Holdings LLC.
    for defendant: Robert S. Saunders, Sarah R. Martin, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; George A. Zimmerman, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY for The We Co. Elena C. Norman, Rolin P. Bissell, Nicholas J. Rohrer, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Erik J. Olson, of Morrison & Foerster LLP, Palo Alto, CA; James Bennett, Jordan Eth, Morrison & Foerster LLP, San Fran-ciso, CA for defendant SoftBank Group Corp. Michael A. Barlow, E. Wade Houston, Abrams & Baylis LLP, Wilmington, DE; John B. Quinn, Molly Stephens of Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for defendant SoftBank Vision Fund.
    Case Number: D69249

    A temporary committee created by a company's board of directors did not have authority to terminate a lawsuit that was filed by an earlier special committee.

  • Stream TV Networks, Inc. v. SeeCubic, Inc.

    Publication Date: 2020-12-30
    Practice Area: Corporate Governance
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Scott D. Cousins, Cousins Law, LLC, Wilmington, DE; Luis Salazar, Jose Ceide, Daniel Halperin, Salazar Law, Miami, FL for plaintiff.
    for defendant: Robert S. Saunders, Jenness E. Parker, Bonnie W. David, Skadden, Arps, Slate, Meagher & Flom LLP, Wil-mington, DE; Eben P. Colby, Marley Ann Brumme, Skadden, Arps, Slate, Meagher & Flom LLP, Boston, MA for defendants.
    Case Number: D69244

    An insolvent company failed to establish a reasonable probability of success on the merits, so the court de-nied its request for a preliminary injunction.