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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.

  • Stein v. Blankfein

    Publication Date: 2024-03-11
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Brian E. Farnan, Michael J. Farnan, Rosemary J. Piergiovanni, Farnan LLP, Wilmington, DE; A. Arnold Gershon, Michael A. Toomey, Barrack, Rodos & Bacine, New York, NY for plaintiff.
    for defendant: Kevin M. Gallagher, Robert L. Burns, Richards, Layton & Finger, P.A. Wilmington, DE; Kevin G. Abrams, Peter Shindel Jr., Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; Robert J. Giuffra, Jr., David M.J. Rein, Sullivan & Cromwell LLP, New York, NY for defendants.
    Case Number: 2017-0354-SG

    Law of the case precluded settlement objector's challenge to the adequacy of consideration where revised settlement merely deleted provisions improperly releasing future claims and the court had previously found the retained provisions fair and beneficial to the corporation and its stockholders.

  • Merck & Co., Inc. v. Bayer AG

    Publication Date: 2023-04-18
    Practice Area: Mergers and Acquisitions
    Industry: Consumer Products | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Cook
    Attorneys: For plaintiff: James D. Taylor, Jr., Saul Ewing LLP, Wilmington, DE; Amy S. Kline, Saul Ewing LLP, Philadelphia, PA; Joseph D. Lipchitz, Saul Ewing LLP, Boston, MA for plaintiff.
    for defendant: Rudolf Koch, Kyle H. Lachmund, Kevin M. Kidwell, Richards, Layton & Finger, P.A., Wilmington, DE; Dustin F. Guzior, Y. Carson Zhou, Sullivan & Cromwell LLP, New York, NY for defendant.
    Case Number: 2021-0838-NAC

    Asset purchase agreement unambiguously gave seller of product lines perpetual liability for product liability claims for product sold prior to closing, such that the contract's clause sunsetting certain indemnification rights did not apply to the provision allocating third-party liabilities.

  • In re: GGP, Inc. Stockholder Litig.

    Publication Date: 2021-06-09
    Practice Area: Corporate Governance
    Industry: Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Ronald A. Brown, Jr., Stephen D. Dargitz, J. Clayton Athey, Marcus E. Montejo, Samuel L. Closic, Prickett Jones & Elliott, P.A., Wilmington, DE; Carl L. Stine, Adam J. Blander, Wolf Popper LLP, New York, NY; Frank P. DiPrima, Law Office of Frank DiPrima, P.A., Morristown, NJ for plaintiffs. Seth D. Rigrodsky, Gina M. Serra, Rigrodsky Law, P.A., Wilmington, DE; Aaron Brody, Patrick Slyne, Stull, Stull & Brody, New York, NY for plaintiff’s executive committee.
    for defendant: Kevin G. Abrams, John M. Seaman, Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; John A. Neuwirth, Evert J. Christensen, Jr., Seth Goodchild, Matthew S. Connors, Weil, Gotshal & Manges LLP, New York, NY for defendant Brookfield Property Partners. David J. Teklits, Thomas P. Will, Morris, Nich-ols, Arsht & Tunnell LLP, Wilmington, DE for defendants Clark, Flatt and Kingston. Raymond J. DiCamillo, Susan M. Hannigan, Richards, Layton & Finger, P.A., Wilmington, DE; Brian T. Frawley, Y. Carson Zhou, Sullivan & Cromwell LLP, New York, NY for defendant Mathrani. Peter J. Walsh, Jr., Berton W. Ashman, Jr., Jaclyn C. Levy, Potter Anderson & Corroon LLP, Wilmington, DE; Peter E. Kazanoff, Michael J. Garvey, Sara A. Ricciardi, Eamonn W. Campbell, Simpson Thacher & Bartlett LLP, New York, NY for defendants Fi-ala, Fukakusa, Haley, Hurwitz and Lofgren.
    Case Number: D69425

    The business judgment standard applied because defendant was not a controlling stockholder and an over-whelming majority of the stockholders approved this merger transaction in an informed and uncoerced vote.

  • In re Pattern Energy Group Inc. Stockholders Litig.

    Publication Date: 2021-05-26
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Ned Weinberger, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; David MacIsaac, John Vielandi, Labaton Sucharow LLP, New York, NY; Chad Johnson, Noam Mandel, Desiree Cummings, Robbins Geller Rudman & Dowd LLP, New York, NY; Brian Schall, Rina Restaino, The Schall Law Firm, Los Angeles, CA for plaintiff.
    for defendant: A. Thompson Bayliss, April M. Kirby, Abrams & Bayliss LLP, Wilmington, DE; Alan S. Goudiss, K. Mallory Brennan, Deke Shearon Shearman & Sterling LLP; Christina Urhausen, Shearman & Sterling LLP, San Francisco, CA; Rudolf Koch, Matthew D. Perri, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE; Matthew A. Schwartz, Y. Carson Zhou, John-Francis S. Flynn, Sullivan & Cromwell LLP, New York, NY for defendants.
    Case Number: D69408

    Stockholder could seek entire fairness review of company sale under controller theory where investor that had formed the company continued to exercise soft power over the company's management, which allegedly prioritized the investor's interests over shareholder value during the sales process.

  • Lacey v. Mota-Velasco

    Publication Date: 2021-02-24
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Mining and Resources
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Peter B. Andrew, Craig J. Springer, David Sborz, Andrews & Springer LLC, Wilmington, DE; Jeremy S. Friedman, Spencer Oster, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for plaintiff.
    for defendant: William M. Lafferty, John P. DiTomo, Elizabeth A. Mullin, Morris, Nichols, Arsht & Tunnell LLP, Wilming-ton, DE; Bradley J. Benoit, Bryan Dumesnil, Bracewell LLP, Houston, TX; Srinivas M. Raju, Andrew J. Peach, Matthew W. Murphy, Richards, Layton & Finger, P.A., Wilmington, DE; Steven R. Selsberg, S. Sels-berg Law, PLLC, Houston, TX; Sylvia A. Mayer, S. Mayer Law PLLC, Houston, TX; Peter J. Walsh, Jr., Mat-thew F. Davis, Elizabeth M. Taylor, Potter Anderson & Corroon LLP, Wilmington, DE; Robert J. Giuffra, Jr., David M.J. Rein, Matthew A. Peller, Y. Carson Zhou, Sullivan & Cromwell LLP, New York, NY for defend-ants.
    Case Number: D69305

    The court granted defendant directors' motion to dismiss a breach of contract claim because plaintiff's claim was essentially one for breach of fiduciary duty.

  • Firefighters' Pension Sys. of the City of Kansas City, Missouri Trust v. Presidio, Inc.

    Publication Date: 2021-02-24
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Michael Hanrahan, Samuel L. Closic, Stephen D. Dargitz, Jason W. Rigby, Prickett, Jones & Elliott, P.A., Wilmington, DE; Lee D. Rudy, J. Daniel Albert, Stacey A. Greenspan, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
    for defendant: Kevin R. Shannon, Berton W. Ashman, Jr., Daniel M. Rusk, IV, Potter Anderson & Corroon LLP, Wilmington, DE; Ryan A. McLeod, Alexandra P. Sadinsky, Wilfred T. Beaye, Jr., Wachtell, Lipton, Rosen & Katz, New York, NY; William M. Lafferty, John P. DiTomo, Alexandra M. Cumings, Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Scott B. Luftglass, Rebecca L. Martin, Anne S. Aufhauser, Fried, Frank, Harris, Shriver & Jacobson LLP, New York, NY; Raymond J. DiCamillo, Kevin M. Gallagher, Megan E. O’Connor, Richards, Layton & Finger, P.A, Wilmington, DE; John L. Hardiman, Sullivan & Cromwell LLP, New York, NY; A. Thompson Bayliss, E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; Matthew Solum, Courtney A. Carvill, Kirkland & Ellis LLP, New York, NY for defendants.
    Case Number: D69302

    CEO held personal interest in proposed acquisition transaction that he was not entitled to exculpation for, and company's financial advisor and winning bidder aided and abetted breaches of fiduciary duties by exchanging information regarding the company's bidding process.

  • Lacey v. Mota-Velasco

    Publication Date: 2020-10-21
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Mining and Resources
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, David Sborz, Andrews & Springer LLC, Wilmington, DE; Jeremy S. Friedman, Spencer Oster, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for plaintiff.
    for defendant: William M. Lafferty, John P. Ditomo, Elizabeth A. Mullin, Morris, Nichols, Arsht & Tunnel LLP, Wilmington, DE; Bradley J. Benoit, Bryan Dumesnil, Bracewell LLP, Houston, TX; Ralph D. McBride, Houston, TX; Srinivas M. Raju, Andrew J. Peach, Matthew W. Murphy, Richards Layton & Finger, P.A., Wilmington, DE; Steven R. Selsberg, S. Selsberg Law, P.L.L.C., Houston, TX; Sylvai A. Mayer, S. Mayer Law PLLC, Houston, TX; Peter J. Walsh, Jr., Matthew F. Davis, Elizabeth M. Taylor, Potter Anderson & Corroon LLP, Wilmington, DE; Robert J. Giuffra, Jr., David M.J. Rein, Matthew A. Peller, Y Carson Zhou, Sullivan & Cromwell LLP, New York, NY for defendants.
    Case Number: D69164

    The court granted a motion to dismiss as to a foreign defendant due to lack of personal jurisdiction, because plaintiff failed to allege any acts in Delaware which were in furtherance of a conspiracy.

  • 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.

  • 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.