09 Jul, 2024 Chancery Determines Pharmaceutical Company Complied with Merger Agreement’s Requirement To Use Commercially Reasonable Efforts By Albert J. Carroll Bryan Townsend Himawan v. Cephalon, Inc., C.A. No. 2018-0075-SG (Del. Ch. Apr. 30, 2024) Stockholder representatives of an acquired corporation brought...
09 Jul, 2024 Chancery Determines LLC Agreement Required Payment to Remove Manager By Albert J. Carroll Bryan Townsend Soleimani v. Hakkak, C.A. No. 2023-0948-LWW (Del. Ch. Apr. 12, 2024) The defendants attempted to remove a manager-employee of several...
03 Jun, 2024 Chancery Invalidates Provisions of Stockholder Agreement Under Section 141 of the DGCL By Albert J. Carroll Bryan Townsend West Palm Beach Firefighters’ Pension Fund v. Moelis & Co., C.A. No. 2023-0309-JTL (Del. Ch. Feb. 23, 2024)One day before a company’s...
25 Apr, 2024 Delaware Supreme Court Upholds Forfeiture for Competition Provision in Partnership Agreement By Albert J. Carroll Bryan Townsend Cantor Fitzgerald, L.P., v. Ainslie, No. 162, 2023 (Del. Jan. 29, 2024) Here, a limited partnership agreement authorized the partnership...
27 Mar, 2024 Chancery Clarifies Controlling Stockholder Fiduciary Duties in Sears Litigation By Albert J. Carroll Bryan Townsend In re Sears Hometown and Outlet Stores, Inc. S’holder Litig., C.A. No. 2019-0798-JTL (Del. Ch. Jan. 24, 2024) Here, a special committee...
27 Mar, 2024 Chancery Finds Amendment to LLC Agreement Invalid for Want of Manager’s Involvement By Albert J. Carroll Bryan Townsend DiDonato v. Campus Eye Management, LLC, C.A. No. 2023-0671-LWW (Del. Ch. Jan. 31, 2024) In governance disputes among LLC constituencies,...
18 Mar, 2024 Chancery Dismisses Double-Derivative Claims for Failure To Plead Demand Futility By Lewis H. Lazarus Bryan Townsend Albert J. Carroll City of Hialeah Emps. Ret. Sys. v. Insight Venture Partners, C.A. No. 2022-0846-MTZ (Del. Ch. Dec. 28, 2023) A venture capital fund...
28 Feb, 2024 Chancery Denies Application for Preliminary Injunction After Finding Restrictive Covenants Arose from Breach of Fiduciary Duty By Lewis H. Lazarus Bryan Townsend Albert J. Carroll Sunder Energy, LLC v. Jackson, C.A. No. 2023-0988-JTL (Del. Ch. Nov. 22, 2023) The head of sales for a company that sold residential...