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Chancery Rejects Plaintiff s Attempt to Recharacterize Pre-Suit Demands | Morris James LLP

Chancery Rejects Plaintiff s Attempt to Recharacterize Pre-Suit Demands | Morris James LLP
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Chancellor McCormick Provides Helpful Guidance on Pre-Suit Litigation Demands Under Delaware Law | Wilson Sonsini Goodrich & Rosati

Chancellor McCormick Provides Helpful Guidance on Pre-Suit Litigation Demands Under Delaware Law | Wilson Sonsini Goodrich & Rosati
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Presidio Shines Light on Key Delaware Deal Litigation Trends and Topics | Skadden, Arps, Slate, Meagher & Flom LLP

In Firefighters’ Pension System of the City of Kansas City, Missouri Trust v. Presidio, Inc., Vice Chancellor Laster of the Delaware Court of Chancery dismissed claims against directors of Presidio, Inc. (Presidio) and Presidio’s controlling stockholder arising out of the sale of Presidio, while sustaining claims against Presidio’s Chairman/CEO, the buyer (Buyer) and Presidio’s financial advisor. The case is notable for the stockholder plaintiff’s allegation of an undisclosed “tip” from the financial advisor to the buyer that purportedly allowed the buyer to strategically increase and structure its offer and close the deal. The decision which the court labeled as an “Opinion,” indicating it was intended to cover significant or novel issues addresses several deal litigation topics and is worthy of analysis by M&A practitioners. The court discusses (i) the applicable standard of review for the sale of a controlled company to a third party, and the applicability

Inside the Courts - June 2021 | Skadden, Arps, Slate, Meagher & Flom LLP

Court of Chancery Orders Production of Emails, Denies Production of Privileged Communications in Books and Records Action Emps.’ Ret. Sys. of R.I. v. Facebook, Inc., C.A. No. 2020-0085-JRS (Del. Ch. Feb. 10, 2021) In a post-trial opinion, Vice Chancellor Joseph R. Slights III granted a stockholder’s request to inspect directors’ nonprivileged electronic communications, including emails, concerning settlement negotiations for the purpose of investigating whether Facebook overpaid in the settlement to protect its CEO, Mark Zuckerberg, from substantial personal liability. In July 2019, in connection with a data breach, Facebook agreed to pay $5 billion to the Federal Trade Commission (FTC) in exchange for the release of claims against the company and Mr. Zuckerberg personally. Facebook stockholder Employees’ Retirement System of Rhode Island (ERSRI) sought books and records to investigate whether Facebook spent corporate assets to protect Mr. Zuckerberg. Facebook produced so

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