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Yes, Federal Investigations May Require Your Company to Comply With a Stockholder's Books-and-Records Demands | Faegre Drinker Biddle & Reath LLP

Gross v. Biogen Inc
., C.A. No. 2020-0096-PAF (Del. Ch. Apr. 14, 2021).
On October 11, 2016, plaintiff Melvin Gross, served the first of four books-and-records demands on defendant Biogen Inc., under DGCL Section 220. Mr. Gross was a stockholder of Biogen at the time he made the demand. The demand sought eight categories of materials in order to: (1) “investigate possible corporate wrongdoing” and mismanagement related to state and federal investigations; and (2) “determine the independence of the Board members.” Biogen rejected the October 2016 demand, contending that it did not meet Section 220’s form and manner requirements, and that Gross lacked a proper purpose to inspect Biogen’s records. Through subsequent books-and-records demands on November 4, 2016, June 21, 2018, and December 3, 2019, Gross attempted to cure the alleged deficiencies, but succeeded only in prompting Biogen to argue that certain of the records sought were neither necessary nor essentia ....

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Facts Matter: A Fresh Look at Rights Plans and Fiduciary Duties | Akin Gump Strauss Hauer & Feld LLP

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In mid-March 2020, concerned about opportunistic activist stockholders, a precipitous decline in oil prices and corresponding stock volatility, as well as uncertainty created by the unprecedented COVID-19 pandemic, the board of directors of the Williams Companies, Inc. (“Williams” or the “Company”) adopted a one-year stockholder rights plan with a five percent trigger (the “Williams Plan”). Less than a year later, the Delaware Court of Chancery, after reviewing the Williams Plan under the Unocal standard, permanently enjoined it, and found that the directors had breached their fiduciary duties, thereby rendering it unenforceable. ....

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Facts Matter: A Fresh Look At Rights Plans And Fiduciary Duties - Corporate/Commercial Law

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In mid-March 2020, concerned about opportunistic activist
stockholders, a precipitous decline in oil prices and corresponding
stock volatility, as well as uncertainty created by the
unprecedented COVID-19 pandemic, the board of directors of the
Williams Companies, Inc. ( Williams or the
Company ) adopted a one-year stockholder rights plan
with a five percent trigger (the Williams Plan ). Less
than a year later, the Delaware Court of Chancery, after reviewing
the Williams Plan under the Unocal standard, permanently enjoined
it, and found that the directors had breached their fiduciary ....

United States , Kathleens Mccormick , Shareholder Services , Chancery Court , Delaware Court , Williams Companies Inc , Williams Companies , Williams Plan , Deal Point Data , Vice Chancellor Kathleen , Proper Purpose , Chancellor Mccormick , Reasonable Responses , Reasonable Response , Facts Mattera Fresh Look At Rights Plans And Fiduciary Duties , Coronavirus Covid 19 , Operational Impacts And Strategy , Corporate Commercial Law , Corporate And Company Law , Directors And Officers , ஒன்றுபட்டது மாநிலங்களில் , பங்குதாரர் சேவைகள் , சான்சரி நீதிமன்றம் , டெலாவேர் நீதிமன்றம் , வில்லியம்ஸ் நிறுவனங்கள் இன்க் , வில்லியம்ஸ் நிறுவனங்கள் ,