The Delaware Court of Chancery yesterday denied a motion to dismiss a class action alleging that the directors and sponsor of a special-purpose acquisition company (a "SPAC").
The Delaware Supreme Court held yesterday that a stockholder seeking to inspect corporate books and records may use "reliable" hearsay to establish the propriety of the purpose of the inspection demand.
A recent Seventh Circuit decision in Seafarers Pension Plan v. Bradway may complicate defendants' ability to use forum-selection bylaws as a basis for dismissal of derivative suits pleading claims under.
In a split decision, the court held that as a matter of Delaware state law a forum-selection clause adopted was unenforceable because Section 115 of Delaware General Corporation Law prohibits any bylaw that is inconsistent with applicable jurisdictional requirements.
In a split decision, the court held that as a matter of Delaware state law a forum-selection clause adopted was unenforceable because Section 115 of Delaware General Corporation Law prohibits any bylaw that is inconsistent with applicable jurisdictional requirements.