IN THIS ISSUE
Delaware Court of Chancery Allows Stockholder Litigation to Proceed Against Viacom-CBS Over $30B Merger; Ninth Circuit Affirms Dismissal with Prejudice of Securities Class Action Against Tesla; Second Circuit Affirms Dismissal of Securities Action Against Spencer Capital as Predominantly Foreign; Delaware Supreme Court Finds That Former Spectra Energy Shareholder Has Standing to Challenge Validity of Merger Price Based on Derivative Action Against Target Entity; Third Circuit Reverses Fraud Convictions Related to Regulatory Loan Reporting Requirements for “Past Due” Loans.
DELAWARE COURT OF CHANCERY ALLOWS STOCKHOLDER LITIGATION TO PROCEED AGAINST VIACOM-CBS OVER $30B MERGER
On January 27, 2021, in In re CBS Corporation Stockholder Class Action and Derivative Litigation, the Delaware Court of Chancery partially denied a motion to dismiss in a class action suit brought by stockholders against ViacomCBS, CBS Board members and executives, National Amusements, I