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March 14, 2023 | Legaltech News

Legal Tech's SVB Fallout: More Layoffs, Client Scrutiny Expected Amid Financial Reckonings

While a worst-case-scenario was avoided after the FDIC backstopped SVB's deposits, the impact of the bank's demise will likely reverberate across the legal tech market, which has numerous ties to SVB, for weeks and months to come.

8 minute read

October 30, 2022 | National Law Journal

As the US Is About to Increase Its Investment Controls—Will China Deal Lawyers Feel More Pain?

A recent executive order issued by U.S. President Joe Biden heightened the level of scrutiny of inbound deals in certain sensitive industries. And now the U.S. is weighing legislation that calls for a "reverse CFIUS," which will add government scrutiny to outbound transactions.

6 minute read

In re SwervePay Acquisition, LLC

Publication Date: 2022-09-13
Practice Area: Mergers and Acquisitions
Industry: Financial Services and Banking | Investments and Investment Advisory | Software
Court: Court of Chancery
Judge: Chancellor McCormick
Attorneys: For plaintiff: Peter J. Walsh, Jr., Nicholas D. Mozal, Potter Anderson & Corroon LLP, Wilmington, DE; Orion Armon, Cooley LLP, Denver, CO; Luke Cadigan, Cooley LLP, Boston, MA; Alexandra Leeper, Cooley LLP, Palo Alto, CA; Katelyn Kang, Cooley LLP, New York, NY; Bradley Levison, Carrie A. Herschman, Herschman Levison Hobfall PLLC, Chicago, IL for plaintiffs.
for defendant: A. Thompson Bayliss, Stephen C. Childs, Abrams & Bayliss LLP, Wilmington, DE; David B. Hennes, Adam M. Harris, Alexander B. Simkin, Ropes & Gray LLP, New York, NY; Sarah M. Samaha, Ropes & Gray LLP, Washington, DC for defendants.
Case Number: 2021-0447-KSJM

Fraud claim arising from acquisition was not dismissed where sellers plausibly alleged that buyers overinflated the amount of monetizable revenue in the buyers' pipeline, which induced sellers into the transaction on the understanding they could hit contractual milestones for earnout payments.

NVIDIA Corp. v. City of Westland Police & Fire Ret. Sys.

Publication Date: 2022-08-02
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory | Technology Media and Telecom
Court: Delaware Supreme Court
Judge: Justice Montgomery-Reeves
Attorneys: For plaintiff: Gregory P. Williams, Brock E. Czeschin, Christian C.F. Roberts, Richards, Layton, & Finger, P.A., Wilmington, DE; John C. Dwyer, Patrick E. Gibbs, Claire A. McCormack, Cooley LLP, Palo Alto, CA for appellant.
for defendant: Seth D. Rigrodsky, Gina M. Serra, Herbert W. Mondros, Rigrodsky Law, P.A., Wilmington, DE; Frank R. Schirripa, Hillary Nappi, Hach Rose Schirripa & Cheverie LLP, New York, NY; Gregory Mark Nespole, Daniel Tepper, Levi & Korsinsky, LLP, New York, NY; Travis E. Downs III, Erik W. Luedeke, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Thomas J. McKenna, Gregory M. Egleston, Gainey McKenna & Egleston, New York, NY; Beth A. Keller, Monteverde & Associates PC, New York, NY for appellees.
Case Number: D69906

Stockholders in §220 action could not rely on their own hearsay evidence to prove proper purpose where they refused to identify potential witnesses to permit the company the opportunity to conduct depositions.

November 19, 2021 | Corporate Counsel

Marlin Equity Partners Promotes Az Virji to General Counsel

"I have some giant shoes to fill," Virji said on LinkedIn.

2 minute read

October 18, 2021 | Daily Business Review

Slow Deal Week, But Dealmakers Lining Up to Avoid Next Year's Corporate Tax Increase

Just five combinations cracked the $1 billion mark this week.

11 minute read

Endowment Research Group, LLC v. Wildcat Venture Partners, LLC

Publication Date: 2021-03-24
Practice Area: Contracts
Industry: Consulting | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor McCormick
Attorneys: For plaintiff: ohn M. Seaman, E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; William C. Price, Michael T. Zeller, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for plaintiff.
for defendant: Gregory P. Williams, Robert L. Burns, Megan E. O’Connor, Richards, Layton & Finger, P.A, Wilmington, DE; Kathleen H. Goodhart, Cooley LLP, San Francisco, CA for defendant.
Case Number: D69336

Chancery court could exercise subject matter jurisdiction over alleged breach of contract claim where equitable relief might be required for breach of a NDA to prevent future misappropriation and because calculation of legal damages due to prior misappropriation could prove difficult.

Alexandria Venture Invs., LLC v. Verseau Therapeutics, Inc.

Publication Date: 2021-01-06
Practice Area: Corporate Entities
Industry: Biotechnology | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: Raymond J. DiCamillo, Megan E. O’Connor, Richards, Layton & Finger, P.A., Wilmington, DE; Luke Cadigan, Cooley LLP, Boston, MA; Patrick Gunn, Cooley LLP, San Francisco, CA for plaintiffs
for defendant: David J. Teklits, Thomas P. Will, Morris, Nichols, Arsht, & Tunnell LLP, Wilmington, DE for defendant.
Case Number: D69246

Stockholder whose financing proposal was rejected by the board was entitled to limited inspection of books and records after raising reasonable inferences that directors' decision to reject the proposal may have been motivated by conflicts and self-interest.

In re Mindbody, Inc. Stockholders Litig.

Publication Date: 2020-10-21
Practice Area: Mergers and Acquisitions
Industry: Investments and Investment Advisory | Software
Court: Court of Chancery
Judge: Vice Chancellor McCormick
Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Christopher Quinn, Friedlander & Gorris, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Jeroen van Kwawegen, Christopher J. Orrico, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiffs.
for defendant: Lisa A. Schmidt, Robert L. Burns, Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Yosef J. Riemer, John Del Monaco, Ian C. Spain, Kirkland & Ellis LLP, New York, NY; Ryan D. Stottmann, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Patrick Gibbs, Sarah Lightdale, Cooley LLP, New York, NY for defendants.
Case Number: D69162

The court granted a motion to dismiss as to a corporate director, but it declined to dismiss claims against two corporate of-ficers.

Maverick Therapeutics, Inc. v. Harpoon Therapeutics, Inc.

Publication Date: 2020-04-22
Practice Area: Contracts
Industry: Investments and Investment Advisory | Pharmaceuticals
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: : Jody C. Barillare, Morgan, Lewis & Bockius LLP, Wilmington, DE; Rollin B. Chippey II and Benjamin P. Smith, Morgan, Lewis & Bockius LLP, San Francisco, CA for plaintiff.
for defendant: John P. DiTomo, Elizabeth A. Mullin, and Aubrey J. Morin, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; John Ruskusky and Lisa C. Sullivan, Nixon Peabody, LLP, Chicago, IL for plaintiff-Intervenor. Gregory P. Williams, Steven J. Fineman, Nicole K. Pedi, and Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; Martin S. Schenker and Benjamin H. Kleine, of Cooley, LLP, San Francisco, CA; Michelle S. Rhyu, Cooley, LLP, Palo Alto, CA for defendant.
Case Number: D68952

Defendant fraudulently induced plaintiff's investment into spin-out company by representing broad definition of transferred technology while knowingly limiting transfer to the spin-off and continuing to work on technology outside the narrow definition.