• In re Kraft Heinz Co.

    Publication Date: 2021-12-28
    Practice Area: Corporate Governance
    Industry: Food and Beverage | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey Gorris, Christopher M. Foulds, Friedlander & Gorris P.A., Wilmington, DE; P. Bradford deLeeuw, Deleeuw Law LLC, Wilmington, DE; David A. Jenkins, Robert K. Beste III, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; Eduard Korsinsky, Gregory M. Nespole, Nicholas I. Porritt, Daniel Tepper, Levi & Korsinsky LLP, New York, NY; Jeffrey S. Abraham, Mitchell M. Z. Twersky, Atara Hirsch, Michael J. Klein, Abraham, Fruchter & Twersky, LLP, New York, NY; Lawrence P. Eagel, W. Scott Holleman, Melissa A. Fortunato, Marion C. Passmore, Bragar Eagel & Squire, P.C., New York, NY; Michael VanOverbeke, Vanoverbeke, Michaud & Timmony, P.C., Detroit, MI; Deborah Sturman, Sturman LLC, New York, NY for plaintiffs.
    for defendant: Michael A. Pittenger, Jacqueline A. Rogers, Caneel Radinson-Blasucci, Potter Anderson & Corroon LLP, Wilmington, DE; Sandra C. Goldstein, Stefan Atkinson, Kevin M. Neylan, Jr., Kirkland & Ellis LLP, New York, NY; Matthew D. Stachel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Daniel J. Kramer, Andrew J. Ehrlich, William A. Clareman, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY for defendants.

    Case Number: D69657

    The court held that plaintiffs failed to plead sufficient allegations that a majority of the demand board was interested in a stock sale transaction such that demand would be excused.

  • Trumbull Radiologists, Inc. v. Premier Imaging TRI Holdings LLC

    Publication Date: 2021-12-14
    Practice Area: Contracts
    Industry: Health Care | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Johnston
    Attorneys: For plaintiff: Dominick T. Gattuso, Aaron M. Nelson, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Anthony J. O’Malley, Rajeev K. Adlakha, Karey E. Werner, Vorys, Sater, Seymour and Pease LLP, Cleveland, OH for plaintiffs
    for defendant: D. McKinley Measley, Sabrina M. Hendershot, Michael J. Slobom, Jr., Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Britt K. Latham, Bass Berry & Sims PLC, Nashville, TN; Shayne R. Clinton, Bass Berry & Sims PLC, Knoxville, TN for defendants

    Case Number: D69642

    The court held that plaintiffs properly pled claims of both breach of contract and breach of the implied covenant of good faith and fair dealing; at the pleadings stage, plaintiffs were allowed to maintain both claims. Motion to dismiss denied.

  • December 9, 2021 | New York Law Journal

    Tax Vehicles UnSAFE at Any Speed: What Startup Businesses Should Know About Convertible Debt and Other Instruments

    Convertible debt and other forms of investment, such as simple agreements for future equity (SAFEs), come with dangerous traps for owners of limited liability companies and partnerships.

    7 minute read

  • November 24, 2021 | Daily Business Review

    LA Startup Arc Lands $30 Million for Its $300K Electric Boat

    An all-new, $300,000 electric vehicle is about to drop … in the water. Arc Boat Co., a Los Angeles startup trying to do for watercraft what Tesla…

    3 minute read

  • November 12, 2021 | The Recorder

    Ex-Microsemi CEO Seeks New Fraud Claims Over Failed Tech Company Investment

    A judge has twice denied terminating sanctions requested by the defense, though she recently approved dueling sanctions motions.

    5 minute read

  • Pacira Biosciences, Inc. v. Fortis Advisors LLC

    Publication Date: 2021-11-09
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Lisa A. Schmidt, Raymond J. DiCamillo, Megan E. O’Connor, Richards, Layton & Finger, P.A., Wilmington, DE; Randy M. Mastro, Declan T. Conroy, Gibson, Dunn & Crutcher LLP, New York, NY for plaintiffs.
    for defendant: R. Judson Scaggs, Jr., Lauren K. Neal, Sarah P. Kaboly, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Christopher J. Marino, Davis Malm & D’agostine, P.C., Boston, MA; Henry E. Gallagher, Jr., Shaun Michael Kelly, Jarrett W. Horowitz, Connolly Gallagher LLP, Wilmington, DE for defendants.

    Case Number: D69603

    Claims that former owners and employees of acquired company improperly interfered with acquirer's operation of the business were dismissed where the parties' merger agreement contained no express non-compete/non-interference language and defendants' cited actions did not rise to the level of bad faith interference or communication with the acquirer's employees.

  • November 3, 2021 | Corporate Counsel

    Shifting Sands: ESG Disclosure Considerations Impacting Public Companies

    This article highlights key process considerations public companies can assess as they approach ESG disclosures in this uncertain environment.

    6 minute read

  • October 22, 2021 | New York Law Journal

    Direct IRA Transfers to Charities: Taxwise Philanthropy

    In this edition of his Estate Planning and Philanthropy column, Conrad Teitell writes that now is the time for lawyers to tell their clients about direct IRA transfers from IRAs by individuals 70½ or older.

    7 minute read

  • Genworth Fin., Inc. Consol. Derivative Litig.

    Publication Date: 2021-10-13
    Practice Area: Corporate Governance
    Industry: Insurance | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: P. Bradford deLeeuw, deLeeuw Law LLC, Wilmington, DE; David R. Scott, Scott+Scott Attorneys at Law LLP, Colchester, CT; Thomas L. Laughlin IV, Scott Jacobsen, Scott+Scott Attorneys at Law LLP, New York, NY; Robert C. Schubert, Willem F. Jonckheer, Dustin L. Schubert, Schubert Jonckheer & Kilbe LLP, San Francisco, CA; Robert B. Weiser, James M. Ficaro, The Weiser Law Firm P.C., Berwyn, PA; Brett D. Stecker, Shuman, Glenn & Stecker, Ardmore, PA; Michael I. Fistel, Jr., Johnson & Weaver, LLP, Marietta, GA; Corey D. Holzer, Holzer & Holzer, LLC, Atlanta, GA for plaintiffs.
    for defendant: Srinivas M. Raju, Richards, Layton & Finger, P.A., Wilmington, DE; Greg A. Danilow, Caroline Hickey Zalka, John A. Neuwirth, Evert J. Christensen, Jr., Amanda K. Pooler, Weil, Gotshal & Manges LLP, New York, NY for defendants.

    Case Number: D69571

    Plaintiffs in this derivative action failed to adequately plead demand futility and they also failed to allege claims for breach of fiduciary duty against officers and directors, so the court granted defendants' motions to dismiss.

  • Brookfield Asset Mgmt., Inc. v. Rosson

    Publication Date: 2021-10-06
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Kevin G. Abrams, Eric A. Veres, Stephen C. Childs, Abrams & Bayliss LLP, Wilmington, DE; John A. Neuwirth, Stefania D. Venezia, Amanda K. Pooler, Weil, Gotshal & Manges LLP, New York, NY for appellants.
    for defendant: Ned Weinberger, Derrick Farrell, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrews & Springer LLC, Wilmington, Delaware; Steven J. Purcell, Douglas E. Julie, Robert H. Lefkowitz, Kaitlyn T. Devenyns, Purcell Julie & Lefkowitz LLP, New York, NY; Jeremy S. Friedman, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for appellees.

    Case Number: D69560

    Court overruled the Gentile carve-out doctrine where it created analytical tension with Tooley and other legal doctrines permitted stockholders to pursue direct claims for fiduciary breaches.