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  • Turnbull v. Klein

    Publication Date: 2025-02-18
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor David
    Attorneys: For plaintiff: Stephen E. Jenkins, Richard D. Heins, Tiffany Geyer Lydon, Ashby & Geddes, P.A., Wilmington, DE; Donald J. Enright, Elizabeth K. Tripodi, Brian D. Stewart, Levi & Korsinsky, LLP, Washington, D.C; Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; Michael J. Palestina, Kahn Swick & Foti, LLC, New Orleans, LA for plaintiffs.
    for defendant: Kevin R. Shannon, Jaclyn C. Levy, Callan R. Jackson, Potter Anderson & Corroon LLP, Wilmington, DE; Stephen H. Lee, Joseph D. Cohen, Christopher G. Wawro, Porter Hedges LLP, Houston, TX; J. Clayton Athey, David C. Skoranski, Prickett, Jones & Elliott, P.A., Wilmington, DE; Edward Han, Alyssa K. Tapper, Paul Hastings LLP, Palo Alto, CA; April M. Ferraro, Noah H. Brown, Abrams & Bayliss LLP, Wilmington, DE; Michael C. Holmes, Jeffrey Crough, Virginia DeBeer, Megan Cloud, Vinson & Elkins LLP, Dallas, TX for defendants.
    Case Number: 2023-1125-BWD

    Shareholder's voting power was insufficient by itself to give rise to an inference of a controller position and company's formation of a special committee weighed against, not in favor of, finding controller status.

  • Maffei v. Palkon

    Publication Date: 2025-02-18
    Practice Area: Corporate Governance
    Industry: E-Commerce | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Kevin R. Shannon, J. Matthew Belger, Jaclyn C. Levy, Christopher D. Renaud, Justin T. Hymes, Potter Anderson & Corroon LLP, Wilmington, DE; Matthew W. Close, Jonathan B. Waxman, O’Melveny & Myers LLP, Los Angeles, CA, Abby F. Rudzin, Asher Rivner, O’Melveny & Myers LLP, New York, NY; Bradley R. Aronstam, S. Sirkin, Ross Aronstam & Moritz LLP; John A. Neuwirth, Evert J. Christensen, Jr., Stefania D. Venezia, Weil, Gotshal & Manges LLP, New York, NY for appellants.
    for defendant: Gregory V. Varallo, Andrew E. Blumberg, Mae Oberste, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE, Kimberly A. Evans, Lindsay K. Faccenda, Robert Erikson, Block & Leviton LLP, Wilmington, DE; Jeroen van Kwawegen, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Jeremy Friedman, David Tejtel, Christopher Windover, Lindsay La Marca, Friedman Oster & Tejtel PLLC, Bedford Hills, NY, Jason Leviton, Nathan Abelman, Block & Leviton LLP, Boston, MA; D. Seamus Kaskela, Adrienne Bell, Kaskela Law LLC, Newtown Square, PA for appellees.
    Case Number: 2023-0449-JTL

    Jurisdictional conversion was reviewable under business judgment rule rather than entire fairness standard when plaintiffs failed to identify past conduct leading to concrete risk of liability for defendants that would be abrogated by the conversion.

  • van den Wildenberg v. Sign-Zone Holdings, L.P.

    Publication Date: 2025-02-18
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor David
    Attorneys: For plaintiff: Peter B. Ladig, Abraham C. Schneider, Bayard, P.A., Wilmington, DE for plaintiff.
    for defendant: Sidney S. Liebesman, Joshua K. Tufts, Fox Rothschild LLP, Wilmington, DE for defendant.
    Case Number: 2024-0399-BWD

    Negligent misrepresentation claim in connection with financing round dismissed where undisclosed financial projection would not have been material to investors' decision as it fell within the range of financial projections presented to investors.

  • State of Rhode Island Office of the General Treasurer v. Paramount Global

    Publication Date: 2025-02-11
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | State and Local Government | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Michael Hanrahan, Corinne Elise Amato, Eric J. Juray, Stacey A. Greenspan, Jason W. Rigby, Seth T. Ford, Prickett, Jones & Elliott, P.A., Wilmington, DE; Lee D. Rudy, Eric L. Zagar, Grant D. Goodhart, Cameron N. Campbell, Michael W. McCutcheon, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
    for defendant: Jon E. Abramczyk, D. McKinley Measley, Alexandra M. Cumings, Louis F. Masi, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Jonathan K. Youngwood, Meredith Karp, Simpson Thacher & Bartlett LLP, New York, NY for defendant.
    Case Number: 2024-0457-SEM

    Stockholder established proper purpose for books and records inspection by articulating scenarios constituting breaches of loyalty by presenting news articles based on internal confidential sources that exhibited indicia of reliability.

  • Alcon Research, LLC v. Aurion Biotech, Inc.

    Publication Date: 2025-02-11
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Jon E. Abramczyk, D. McKinley Measley, Elizabeth A. Mullin Stoffer, Jacob M. Perrone, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Monica K. Loseman, John D.W. Partridge, John Turquet Bravard, Gibson, Dunn & Crutcher LLP, Denver, CO; Mary Beth Maloney, Jonathan D. Fortney, Mark H. Mixon, Jr., Gibson, Dunn, Crutcher, New York, NY for plaintiff.
    for defendant: Richard R. Rollo, Travis S. Hunter, John M. O’Toole, Kevin M. Kidwell, Edmond S. Kim, Richards, Layton & Finger, P.A., Wilmington, DE; Brad D. Sorrels, Jessica A. Hartwell, Joshua A. Manning, Wilson Sonsini Goodrich & Rosati P.C., Wilmington, DE for defendant.
    Case Number: 2024-1102-KSJM

    Company did not require preferred stockholder's approval for reverse stock split as the split did not affect the number of authorized shares or fall within the scope of other corporate actions requiring approval under the terms of the stockholder's class of shares.

  • Deutsche Bank AG v. Devon Park Bioventures, L.P.

    Publication Date: 2025-02-11
    Practice Area: Damages
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stephen C. Norman, Aaron R. Sims, Potter Anderson & Corroon LLP, Wilmington, DE; David G. Januszewski, Sheila C. Ramesh, Sesi V. Garimella, Cahill Gordon & Reindel LLP, New York, NY for plaintiff.
    for defendant: James M. Yoch, Jr., Kevin P. Rickert, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Kevin C. Maclay, Todd E. Phillips, Quincy M. Crawford, Nathaniel R. Miller, Caplin & Drysdale, Chartered, Washington, DC; William M. Kelleher, Phillip A. Giordano, Gordon, Fournaris & Mammarella, P.A., Wilmington, DE; K. Tyler O’Connell, Albert J. Carroll, R. Eric Hacker, Samuel E. Bashman, Morris James LLP, Wilmington, DE for defendants.
    Case Number: 2017-0822-SG

    Court dismissed civil conspiracy claim against limited partnership arising from limited partner's alleged fraudulent transfer of its partnership interest where plaintiff failed to plead sufficient facts to support an inference that the partnership knowingly participated in the limited partner's tortious efforts to frustrate satisfaction of plaintiff's judgment.

  • In re Dura Medic Holdings, Inc. Consol. Litig.

    Publication Date: 2025-02-11
    Practice Area: Mergers and Acquisitions
    Industry: Distribution and Wholesale | Health Care | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Raymond J. DiCamillo, Robert L. Burns, Matthew W. Murphy, Kyle H. Lachmund, Sandy Xu, Alfred P. Dillione, Richards, Layton & Finger, P.A., Wilmington, DE; David L. Barrack, Winslett Studnicky Mccormick & Bomser LLP, New York, NY for plaintiffs.
    for defendant: David S. Eagle, Klehr Harrison Harvey Branzburg LLP, Wilmington, DE; Stuart Singer, Carl Goldfarb, Boies Schiller Flexner LLP, Fort Lauderdale, FL; Steven L. Caponi, Megan E. Hunt, K&L Gates LLP, Wilmington, DE for defendants.
    Case Number: 2019-0474-JTL

    Defendants' operational decisions of failed business were reviewed under business judgment rule where plaintiff failed to identify a conflict of interest, such that defendants' decisions did not rise to the level of a breach of fiduciary duty under the favorable business judgment rule standard.

  • Valhalla Partners II L.P. v. Vistar Media, Inc.

    Publication Date: 2025-02-04
    Practice Area: Creditors' and Debtors' Rights
    Industry: Advertising | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Steven L. Caponi, Matthew B. Goeller, K&L Gates LLP, Wilmington, DE for plaintiff.
    for defendant: Rudolf Koch, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE for defendant.
    Case Number: 2019-0202-SG

    Court declined to grant relief in equity where there was no evidence that defendant had made a definite promise, through statements or actions, to plaintiffs that defendant would undergo an equity financing that would trigger conversion of plaintiffs' notes into equity, and the express terms of the notes required repayment in cash at maturity.

  • Pacira Biosciences, Inc. v. Fortis Advisors LLC

    Publication Date: 2025-02-04
    Practice Area: Mergers and Acquisitions
    Industry: Health Care | Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Lisa A. Schmidt, Raymond J. DiCamillo, Kevin M. Kidwell, Richards, Layton & Finger, P.A., Wilmington, DE; Anne Champion, Zainab Ahmad, Timothy Sun, Maya Danaher, Gibson, Dunn & Crutcher LLC, New York, NY for plaintiffs.
    for defendant: Lauren K. Neal, Courtney Kurz, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Christopher J. Marino, Taylor P. Lovejoy, Davis Malm & D’Agostine, P.C., Boston, MA for defendant.
    Case Number: 2020-0694-PAF

    Court granted declaratory judgment for plaintiffs where extrinsic evidence demonstrated that the parties intended to use national reimbursement rates and for alternative CPT codes to only apply when used and effective for acquired company's product.

  • Star Am. Rail Holdco, LLC v. Carthcart

    Publication Date: 2024-12-31
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Transportation
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Raymond J. DiCamillo, Kevin M. Gallagher, Andrew L. Milam, Kaitlyn R. Cannan, Richards, Layton & Finger, P.A., Wilmington, DE; Laura K. O’Boyle, Nathan C. Strauss, Zachary R. Edelman, Gibson, Dunn & Crutcher LLP, New York, NY; Colin B. Davis, Gibson, Dunn & Crutcher LLP, Irvine, CA for plaintiff.
    for defendant: Jennifer R. Hoover, Andrew D. Kinsey, Benesch, Friedlander, Coplan & Aronoff, LLP, Wilmington, DE; Andrew G. Fiorella, Alyssa A. Moscarino, Benesch, Friedlander, Coplan & Aronoff, LLP, Cleveland, OH; Tyler J. Leavengood, Charles Wood, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.
    Case Number: 2024-0883-LWW

    LLC operating agreement's provision giving investor unilateral right to replace CEO for poor EBITDA did not conflict with other provisions regarding member consents, meaning investor validly replaced plaintiff as CEO.