A settlement to end investor litigation alleging Snap Inc. pushed a scheme to give its co-founders perpetual control of the company finally received approval from a Delaware court.
The chief judge of the Delaware Court of Chancery has a significant amount of briefing before her this week in lawsuits involving Sirius XM Holdings Inc. buying back stock and claims of a “pump and dump” scheme at electric vehicle startup Nikola Corp.
A Delaware judge questioned Thursday whether the class definition was too broad in a proposed settlement to end investor litigation alleging Snap Inc., the pioneer in mobile chat and photo-sharing features, was pushing a scheme to allow its co-founders to keep perpetual control of the company.
Leaders and backers of a blank-check company that merged with Hyzon Motors Inc. in 2021 must face an investor’s claims they overstated the hydrogen-fuel-cell vehicle maker’s customer base and financial health, a Delaware judge ruled Monday.