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Equity-League Pension Trust Fund v. Great Hill Partners L.P.

Publication Date: 2021-12-14
Practice Area: Corporate Governance
Industry: E-Commerce | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: Corinne Elise Amato, Kevin H. Davenport, Jason W. Rigby, Prickett, Jones & Elliott, P.A., Wilmington, DE; Eric L. Zagar, Matthew C. Benedict, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Patrick C. Lynch, Lynch & Pine, Providence, RI, for plaintiff.
for defendant: Paul J. Lockwood, Jenness E. Parker, Jacob J. Fedechko, Trevor T. Nielsen, Skadden, Arps, Slate, Meagher & Flom, Wilmington, DE; John L. Reed, Ronald N. Brown, III, Peter H. Kyle, Kelly L. Fruend, DLA Piper LLP (US), Wilmington, DE; Rudolf Koch, Matthew D. Perri, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE; Roberto M. Braceras, Caroline H. Bullerjahn, John A. Barker, Dylan E. Schweers, Goodwin Procter LLP, Boston, MA; Kurt M. Heyman, Gillian L. Andrews, Heyman Enerio Gattuso & Hir-zel, LLP, Wilmington, DE; Brandon F. White, Euripides Dalmanieras, Leah S. Rizkallah, Foley Hoag LLP, Boston, MA for defendants.
Case Number: D69638

The court held in this derivative suit that demand was not excused where there was no showing that at least five members of a nine-member board of directors were unable to consider a pre-suit demand. Motions to dismiss granted.

Hollywood Firefighters' Pension Fund v. Malone

Publication Date: 2021-11-23
Practice Area: Attorney Compensation
Industry: Investments and Investment Advisory | Legal Services | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: Gregory V. Varallo, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Michael Hanrahan, Kevin H. Davenport, Mary S. Thomas, Prickett, Jones & Elliott, P.A.; Mark Lebovitch, Jacqueline Y. Ma, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Lee D. Rudy, Eric L. Zagar, Christopher M. Windover, Matthew C. Benedict, Kessler Topaz Meltzer & Check, LLP, Randor, PA; Robert D.Klausner, Klausner Kaufman Jensen & Levinson, P.A., Plantation, FL; Aaron T. Morris, Morris Kandinov LLP, Stowe, VT for plaintiffs.
for defendant: Robert S. Saunders, Joseph O. Larkin, Matthew P. Majarian, Ryan M. Lindsay, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Richard B. Harper, Thomas E. O’Brien, Vern Cassin, Baker Botts LLP, New York, NY; Kenneth J. Nachbar, Megan W. Cascio, Thomas P. Will, Sarah P. Kaboly, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Douglas D. Herrmann, Emily L. Wheatley, Troutman Pepper Hamilton Sanders LLP, Wilmington, DE for defendants.
Case Number: D69614

The court held that plaintiffs were entitled to a mootness fee in the amount of 9 million dollars.

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

Teamsters Local 237 Additional Sec. Benefit Fund v. Caruso

Publication Date: 2021-09-15
Practice Area: Mergers and Acquisitions
Industry: Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Jeroen van Kwawegen, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Randall J. Baron, David Wissbroecker, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Nashville, TN for plaintiffs.
for defendant: Edward B. Micheletti, Cliff C. Gardner, Veronica B. Bartholomew, Gregory P. Ranzini, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendant.
Case Number: D69536

Claim of breach of fiduciary duty by CEO with conflict of interest in merger transaction failed where there was no allegation that the independent board was unreasonable in its oversight activities during the negotiation process or that CEO acted to undermine the board's authority.

In re: SmileDirectClub, Inc. Derivative Litig.

Publication Date: 2021-06-16
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; P. Bradford deLeeuw, deLeeuw Law LLC, Wil-mington, DE; Lee Squitieri, Squitieri & Fearon, LLP, New York, NY; Jeffrey S. Abraham, Michael J. Klein, Abraham, Fruchter & Twersky LLP, New York, NY; Donald J. Enright, Elizabeth K. Tripodi, Jordan Cafritz, Levi & Korsinsky, LLP for plaintiffs.
for defendant: Edward B. Micheletti, Jenness E. Parker, of Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Scott D. Musoff, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY for defendants.
Case Number: D69435

The court granted defendants' motion to dismiss this derivative because plaintiffs failed to meet the con-temporaneous ownership requirement, so they lacked standing.

February 26, 2021 | Corporate Counsel

Ex-Robinhood Lawyer Takes Over as Rally's First General Counsel

"Rally was the next logical step from Robinhood," said Nili Moghaddam.

1 minute read

Morris v. Spectra Energy Partners (DE) GP, LP

Publication Date: 2021-02-10
Practice Area: Mergers and Acquisitions
Industry: Energy | Investments and Investment Advisory
Court: Delaware Supreme Court
Judge: Justice Seitz
Attorneys: For plaintiff: Michael J. Barry, Rebecca A. Musarra, Grant & Eisenhoffer P.A., Wilmington, DE; Peter B. Andrews, Craig J. Springer, David M. 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: Robert S. Saunders, Ronald N. Brown, III, Ryan M. Linsay, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Noelle M. Reed, Daniel S. Mayerfeld, Skadden, Arps, Slate, Meagher & Flom LLP, Hou-ston, TX for defendant.
Case Number: D69293

The trial court erred in applying a litigation risk discount on a motion to dismiss for lack of standing.

In re WeWork Litig.

Publication Date: 2021-01-06
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory | Real Estate
Court: Court of Chancery
Judge: Chancellor Bouchard
Attorneys: For plaintiff: William B. Chandler III, Brad D. Sorrels, Lori W. Will, Lindsay Kwoka Faccenda, Leah E. Brenner, Jeremy W. Gagas, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Michael S. Sommer, Wilson Sonsini Goodrich & Rosati, P.C., New York, NY; David J. Berger, Steven M. Guggenheim, Dylan G. Savage of Wil-son Sonsini Goodrich & Rosati, P.C. , Palo Alto for plaintiff We Company; William M. Lafferty, Kevin M. Coen, Sabrina M. Hendershot, Sara Toscano, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Eric Seiler, Philippe Adler, Mala Ahuja Harker, Friedman Kaplan Seiler & Adelman LLP, New York, NY; William Christopher Carmody, Shawn J. Rabin, Arun Subramanian, Susman Godfrey L.L.P., New York, NY for plain-tiffs Neumann and We Holdings LLC.
for defendant: Robert S. Saunders, Sarah R. Martin, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; George A. Zimmerman, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY for The We Co. Elena C. Norman, Rolin P. Bissell, Nicholas J. Rohrer, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Erik J. Olson, of Morrison & Foerster LLP, Palo Alto, CA; James Bennett, Jordan Eth, Morrison & Foerster LLP, San Fran-ciso, CA for defendant SoftBank Group Corp. Michael A. Barlow, E. Wade Houston, Abrams & Baylis LLP, Wilmington, DE; John B. Quinn, Molly Stephens of Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for defendant SoftBank Vision Fund.
Case Number: D69249

A temporary committee created by a company's board of directors did not have authority to terminate a lawsuit that was filed by an earlier special committee.

In re WeWork Litig.

Publication Date: 2020-11-18
Practice Area: Deals and Transactions
Industry: Financial Services and Banking | Investments and Investment Advisory | Real Estate
Court: Court of Chancery
Judge: Chancellor Bouchard
Attorneys: For plaintiff: William M. Lafferty, Kevin M. Coen, Sabrina M. Hendershot, Sara Toscano, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Eric Seiler, Philippe Adler, Mala Ahuja Harker, Friedman Kaplan Seiler & Adelman LLP, New York, NY; William Christopher Carmody, Shawn J. Rabin, Arun Subramanian, Susman Godfrey L.L.P., New York, NY for plaintiffs.
for defendant: William B. Chandler, III, Brad D. Sorrels, Lori W. Will, Lindsay Kwoka Faccenda, Leah E. Brenner, Jeremy W. Gagas, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; David J. Berger, Steven M. Gugen-heim, Dylan G. Savage, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; Michael S. Sommer, Wilson Sonsini Goodrich & Rosati, P.C., New York, NY for the special committee of the board of directors of The We Co. Robert S. Saunders, Sarah R. Martin, Arthur R. Bookout, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; George A. Zimmerman, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY for The We Co. Elena C. Norman, Rolin P. Bissell, Nicholas J. Rohrer, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Erik J. Olson, Morrison & Foerster LLP, Palo Alto, CA; James Bennett, Jordan Eth, Morri-son & Foerster LLP, San Francisco, CA for defendant SoftBank Group Corp. Michael A. Barlow, E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; John B. Quinn, Molly Stephens, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for defendant SoftBank Vision Fund.
Case Number: D69193

Plaintiff stated a claim against defendants for breach of contract, but his breach of fiduciary duty claim was duplicative of the contract claim.

In re WeWork Litig.

Publication Date: 2020-09-02
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory | Real Estate
Court: Court of Chancery
Judge: Chancellor Bouchard
Attorneys: For plaintiff: William B. Chandler III, Brad D. Sorrels, Lori W. Will, Lindsay Kwoka Faccenda, Leah E. Brenner, and Jeremy W. Gagas, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Michael S. Sommer, Wilson Sonsini Goodrich & Rosati, P.C., New York, NY; David J. Berger, Steven M. Guggenheim, and Dylan G. Savage, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; William M. Lafferty, Kevin M. Coen, Sabrina M. Hendershot, and Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Eric Seiler, Philippe Adler, and Mala Ahuja Harker, Friedman Kaplan Seiler & Adelman LLP, New York, NY; William Christopher Carmody, Shawn J. Rabin, and Arun Subramanian, Susman Godfrey L.L.P., New York, NY for plaintiffs.
for defendant: Robert S. Saunders and Sarah R. Martin, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; George A. Zimmerman, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY; Elena C. Norman, Rolin P. Bissell, and Nicholas J. Rohrer, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Erik J. Olson, Morrison & Foerster LLP, Palo Alto, CA; James Bennett and Jordan Eth, Morrison & Foerster LLP, San Francisco, CA; Michael A. Barlow and E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; John B. Quinn and Molly Stephens, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for defendants.
Case Number: D69102

Corporation could not bar specific directors from privileged information provided to the corporation as the director's management authority rendered it a joint client of the corporation and its board.