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  • Tornetta v. Musk

    Publication Date: 2024-12-17
    Practice Area: Corporate Governance
    Industry: Automotive | Manufacturing
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Gregory V. Varallo, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Jeroen van Kwawegen, Margaret Sanborn-Lowing, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Peter B. Andrews, Craig J. Springer, David M. Sborz, Jackson E. Warren, Andrews & Springer LLC, Wilmington, DE; Jeremy S. Friedman, Spencer M. Oster, David F.E. Tejtel, Friedman Oster & Tejtel PLLC; Bedford Hills, New York for plaintiff.
    for defendant: David E. Ross, Garrett B. Moritz, Thomas C. Mandracchia, Ross Aronstam & Moritz LLP, Wilmington, DE; Michael A. Barlow, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE; Alex B. Spiro, Christopher D. Kercher, Jonathan E. Feder, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Kathleen M. Sullivan, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA; Daniel Slifkin, Vanessa A. Lavely, Cravath, Swaine & Moore LLP, New York, NY; Catherine A. Gaul, Randall J. Teti, Ashby & Geddes, P.A., Wilmington, DE; John L. Reed, Ronald N. Brown, III, Caleb G. Johnson, Daniel P. Klusman, DLA Piper LLP (US), Wilmington, DE; William M. Lafferty, Susan W. Waesco, Ryan D. Stottmann, Miranda N. Gilbert, Jacob M. Perrone, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Rudolf Koch, John D. Hendershot, Kevin M. Gallagher, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE; Brian T. Frawley, Matthew A. Schwartz, Sullivan & Cromwell LLP, New York, NY; A. Thompson Bayliss, Adam K. Schulman, Eliezer Y. Feinstein, Abrams & Bayliss LLP, Wilmington, DE; Kristen R. Seeger, John M. Skakun III, Elizabeth Y. Austin, Sidley Austin LLP, Chicago, IL for defendants.
    Case Number: 2018-0408-KSJM

    Court rejected board's post-trial efforts to obtain stockholder "ratification" of executive compensation award that failed to meet entire fairness standard where ratification was an affirmative defense required to be raised before the close of trial and where material misstatements and omissions in proxy materials meant the vote alone could not ratify a conflicted controller driven award.

  • The Williams Cos., Inc. v. Energy Transfer LP

    Publication Date: 2022-09-06
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Kenneth J. Nachbar, Susan W. Waesco, Matthew R. Clark, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Antony L. Ryan, Kevin J. Orsini, Michael P. Addis, David H. Korn, Cravath, Swaine & Moore LLP, New York, NY for plaintiff.
    for defendant: Rolin P. Bissell, James M. Yoch, Jr., Alberto E. Chávez, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Holmes, John C. Wander, Craig E. Zieminski, Andy E. Jackson, Vinson & Elkins LLP, Dallas, TX for defendants.
    Case Number: D69942

    Shifting of contingency fee in litigation to recover breakup fee in merger agreement was reasonable where agreement only limited shifted fees to be "reasonable" and contingency fee percentage and supporting lodestar figures were reasonable under the circumstances of the case.

  • Ryan v. Buckeye Partners, L.P.

    Publication Date: 2022-02-22
    Practice Area: Mergers and Acquisitions
    Industry: Distribution and Wholesale | Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Blake A. Bennett, Dean R. Roland, Cooch and Taylor, P.A., Wilmington, DE; Clinton A. Krislov, Kenneth T. Goldstein, Christopher M. Hack, Krislov & Associates, Ltd., Chicago, IL; Samuel B. Edwards, Ryan Cook, Shepherd, Smith, Edwards & Kantas, LLP, Houston, TX for plaintiff.
    for defendant: William M. Lafferty, Ryan D. Stottmann, Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Gary A. Bornstein, Rory A. Leraris, Cravath, Swaine & Moore LLP, New York, NY; Jeffrey L. Moyer, Srinivas M. Raju, Tyler E. Cragg, Richards, Layton & Finger, P.A., Wilmington, DE; Andrew W. Hammond, Steven A. Levy, White & Case LLP, New York, NY for defendants.
    Case Number: D69718

    The court held in this class action that plaintiffs failed to plead sufficient facts to support their breach of contract and breach of implied covenant claims relating to a merger that was approved by a majority of unitholders.

  • The Williams Cos., Inc. v. Energy Transfer LP

    Publication Date: 2022-01-11
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Kenneth J. Nachbar, Susan W. Waesco, Matthew R. Clark, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Antony L. Ryan, Kevin J. Orsini, Michael P. Addis, David H. Korn, Cravath, Swaine & Moore LLP, New York, NY for plaintiff and counterclaim defendant.
    for defendant: Rolin P. Bissel, James M. Yoch, Jr., Alberto E. Chávez, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Holmes, John C. Wander, Craig E. Zieminski, Andy E. Jackson, Vinson & Elkins LLP, Dallas, TX, for defendants and counterclaim plaintiffs.
    Case Number: D69672

    The court held that defendant was contractually obligated to reimburse plaintiff for a merger termination fee of $410 million plus interest to plaintiff.

  • In Re Viacom Inc. Stockholders Litig.

    Publication Date: 2021-01-13
    Practice Area: Corporate Governance
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Jeroen van Kwawegen, Edward G. Timlin, Andrew E. Blumberg, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Chad Johnson, Noam Mandel, Desiree Cummings, Robbins Geller Rudman & Dowd LLP, New York, NY; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Nashville, TN; Francis A. Bottini, Jr., Anne B. Beste, Bottini & Bottini, Inc., La Jolla, CA for plaintiffs.
    for defendant: Matthew E. Fischer, Michael A. Pittenger, Christopher N. Kelly, J. Matthew Belger, Jacqueline A. Rogers, Callan R. Jackson, Potter Anderson & Corroon LLP, Wilmington, DE; Victor L. Hou, Rahul Mukhi, Mark E. McDonald, Cleary Gottlieb Steen & Hamilton LLP, New York, NY; Gregory P. Williams, Blake Rohrbacher, Kevin M. Regan, Richards, Layton & Finger, P.A., Wilmington, DE; Robert H. Baron, Gary A. Bornstein, Rory A. Leraris, Cravath, Swaine & Moore LLP, New York, NY; Jon E. Abramczyk, D. McKinley Measley, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Stuart J. Baskin Randall Martin, Shearman & Sterling LLP, New York, NY for defendants.
    Case Number: D69255

    Controller standing on both sides of a merger transaction without dual protections for minority shareholders was required to defend transaction under entire fairness review standard rather than business judgment rule.

  • Sylebra Capital Partners Master Fund, Ltd. v. Perelman

    Publication Date: 2020-10-28
    Practice Area: Corporate Governance
    Industry: Entertainment and Leisure | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Samuel T. Hirzel II, Gillian L. Andrews, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Patrick J. Smith, Andrew J. Rodgers, Nicholas J. Karasimas, Smith Villazor LLP, New York, NY for plaintiffs.
    for defendant: William M. Lafferty, Susan W. Waesco, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Kevin J. Orsini, Rory A. Leraris, Cravath, Swaine & Moore LLP, New York, NY for defendants.
    Case Number: D69171

    The court dismissed plaintiff's complaint because the company's bylaws contained a mandatory forum selection provision in favor of another state.

  • The Williams Companies, Inc. v. Energy Transfer LP

    Publication Date: 2020-07-15
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Kenneth Nachbar, Susan Waesco, Matthew Clark and Zi-Xiang Shen, Morris, Nichols, Arsht & Tunnell, Wilmington, DE; Antony Ryan, Kevin Orsini and Michael Addis, Cravath, Swaine & Moore LLP, New York, NY for plaintiff.
    for defendant: Rolin Bissel, James Yoch, Jr. and Benjamin Potts, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael Holmes, John Wander, Craig Zieminski and Andy Jackson, Vinson & Elkins LLP, Dallas, TX for defendants.
    Case Number: D69053

    The parties' merger agreement provided that defendant could be obligated to reimburse plaintiff for a termination fee, but other factual issues precluded summary judgment.

  • Morrison v. Berry

    Publication Date: 2020-06-17
    Practice Area: Mergers and Acquisitions
    Industry: Food and Beverage | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher P. Quinn and Bradley P. Lehman, Friedlander & Gorris, P.A., Wilmington, DE; Randall J. Baron and Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP , San Diego, CA for plaintiff.
    for defendant: Rudolf Koch, Matthew D. Perri and John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Adam L. Sisitsky, Lavinia M. Weizel, Robert I. Bodian and Scott A. Rader, Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C., New York, NY and Boston, MA for independent director defendants. William B. Chandler III, Bradley D. Sorrels, Lindsay K. Faccenda and Daniyal M. Iqbal, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE for defendant Duggan. Patricia L. Enerio, Jamie L. Brown and Gillian L. Andrews, Heyman Enerio Gattuso & Hirzell LLP, Wilmington, DE for defendant Anicetti. Kevin G. Abrams, J. Peter Shindel, Jr. and Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; Matthew A. Schwartz and Joshua S. Levy, Sullivan & Cromwell LLP, New York, NY for J.P. Morgan defendants. William M. Lafferty, S. Mark Hurd, Thomas W. Briggs, Jr. and Elizabeth A. Mullin, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Stuart W. Gold and Richard W. Clary, Cravath, Swaine & Moore LLP, New York, NY for defendant Cravath, Swaine & Moore, LLP. Kevin R. Shannon and Matthew F. Davis, Potter, Anderson & Corroon LLP, Wilmington, DE; Jonathan Rosenberg and Abby F. Rudzin, O’Melveny & Myers LLP, New York, NY for Apollo defendants. John L. Reed, Peter H. Kyle and David Clarke, Jr., DLA Piper LLP., Wilmington, DE and Washington, DC for Berry defendants.
    Case Number: D69017

    Plaintiff adequately alleged an aiding and abetting claim against a financial advisor, but the court dismissed the other aiding and abetting claims.

  • In re: Tesla Motors, Inc. Stockholder Litig.

    Publication Date: 2020-02-19
    Practice Area: Corporate Governance
    Industry: Automotive
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Jay W. Eisenhofer, Christine M. Mackintosh, Kelly L. Tucker, Vivek Upadhya and Daniel L. Berger, Grant & Eisenhofer, Wilmington, DE and New York, NY; Lee D. Rudy, Eric L. Zagar, Robin Winchester and Justin O. Reliford, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Randall J. Baron, David T. Wissbroecker and Maxwell R. Huffman, Robbins Geller Rudman & Dowd LLP, San Diego, CA for co-lead plaintiffs.
    for defendant: David E. Ross, Garrett B. Moritz and Benjamin Z. Grossberg, Ross Aronstam & Moritz LLP, Wilmington, DE; Evan R. Chesler, Daniel Slifkin, Vanessa A. Lavely and Helam Gebremariam, Cravath, Swaine & Moore LLP, New York, NY for director defendants.
    Case Number: D68883

    Genuine issues of material fact precluded summary judgment regarding questions of shareholder ratification of a merger, the existence of a conflicted controller and corporate waste.

  • Morrison v. Berry

    Publication Date: 2020-01-15
    Practice Area: Corporate Governance
    Industry: Food and Beverage | Investments and Investment Advisory | Retail
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris and Christopher P. Quinn, Friedlander & Gorris, P.A., Wilmington, DE; Randall J. Baron and Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, San Diego, CA for plaintiff.
    for defendant: Rudolf Koch, Matthew D. Perri and John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Adam L. Sisitsky, Lavinia M. Weizel, Robert I. Bodian and Scott A. Rader, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., New York, NY and Boston, MA for independent director defendants. William B. Chandler III, Bradley D. Sorrels, Lindsay K. Faccenda and Daniyal M. Iqbal, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE for defendant Duggan. Patricia L. Enerio, Jamie L. Brown and Gillian L. Andrews, Heyman Enerio Gattuso & Hirzell LLP, Wilmington, DE for defendant Anicetti. Kevin G. Abrams, J. Peter Shindel, Jr. and Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; Matthew A. Schwartz and Joshua S. Levy, Sullivan & Cromwell LLP, New York, NY for J.P. Morgan defendants. William M. Lafferty, S. Mark Hurd, Thomas W. Briggs, Jr., Richard Li and Elizabeth A. Mullin, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Stuart W. Gold and Richard W. Clary, Cravath, Swaine & Moore LLP, New York, NY for defendant Cravath, Swaine & Moore LLP. Kevin R. Shannon, Matthew F. Davis and Nicholas S. Prust, Potter Anderson & Corroon LLP, Wilmington, DE; Jonathan Rosenberg and Abby F. Rudzin, O’Melveny & Myers LLP, New York, NY for Apollo defendants. John L. Reed, Peter H. Kyle and David Clarke, Jr., DLA Piper LLP, Wilmington, DE and Washington, DC for Berry defendants.
    Case Number: D68842

    The court granted defendant directors' motions to dismiss.