Publication Date: 2022-05-17
Practice Area: Corporate Entities
Industry: Investments and Investment Advisory | Real Estate
Court: Court of Chancery
Judge: Vice Chancellor McCormick
Attorneys: For plaintiff: Max B. Walton, Kyle Evans Gay, Connolly Gallagher LLP, Newark, DE; Michael K. Ross, Thomas Shakow, Serine Consolino, Aegis Law Group LLP, Washington, DC for plaintiff.
for defendant: Stephen B. Brauerman, Elizabeth A. Powers, Bayard, P.A., Wilmington, DE; Deborah B. Baum, Pillsbury Winthrop Shaw Pittman LLP, Washington, DC; Neal C. Belgam, Kelly A. Green, Jason Z. Miller, Smith Katzenstein & Jenkins LLP, Wilmington, DE for defendants.
Case Number: D69814
Board was substantially justified in approving stock sale that diluted equal stockholder's interest, where it mooted that stockholder's legal action that posed a risk of triggering termination of the company's key contracts.