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Shareholders Corporate Counsel

Hogan Lovells

Wagner v. BRP: The Court of Chancery extends its Moelis stockholders agreement jurisprudence

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In Wagner v. BRP Group Inc., the Delaware Court of Chancery further developed its jurisprudence regarding the validity of stockholders agreements that vest significant control rights in minority stockholders instead of a...more

Morgan Lewis

Leveraging Legal Expertise in M&A Transactions to Drive Business Success

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Given the significance of strategic transactions such as mergers, acquisitions, or dispositions, it is likely that in-house counsel has competent external counsel that it can leverage to do much of the heavy lifting regarding...more

Morrison & Foerster LLP

Occasional Activists: Shaping Corporate Governance in 2024

In our previous client alert, The Rise of the “Occasional Activist,” we discussed the increase in shareholder activism through 2022 by “occasional activists” – investors who are not funds dedicated to activist strategies or...more

Wilson Sonsini Goodrich & Rosati

Significant Amendments to the Delaware General Corporation Law Are Set to Become Effective

On August 1, 2024, an extensive and important set of amendments to the Delaware General Corporation Law (the DGCL) will become effective. The amendments, which will apply both prospectively and retrospectively, were largely...more

McCarter & English, LLP

Who Sins Most? The Tempter or the Tempted?—Court of Chancery Allocates Equal Fault Among Acquirer and Target Officers in Merger...

In In re Columbia Pipeline Group, Inc. Merger Litigation, C.A. No. 2018-0484-JTL, the Delaware Court of Chancery allocated liability among two sell-side officers and a third-party acquirer under the Delaware Uniform...more

Hogan Lovells

Q1 2024 Quarterly Corporate / M&A decisions updates

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In the first quarter of 2024, Delaware courts issued several noteworthy opinions. The Delaware Supreme Court ruled in In re Fox Corporation/Snap Inc. that corporations do not need to seek votes from each stockholder class to...more

Jones Day

Court of Chancery Grants Rare Motion to Dismiss Suit Governed by Entire Fairness Standard

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The electric vehicle company Canoo went public in a de-SPAC transaction in December 2020. After its stock price fell, a stockholder in the SPAC who chose not to redeem his stock sued the SPAC board and its controller for...more

Farrell Fritz, P.C.

Stay in Your Lane! Delaware Court Invalidates Stockholder Agreement Provisions that Encroach on Board Authority

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There are generally two ways you can control a corporation.  One is by owning a majority of the stock, in which case you control the board of directors.  The other is to secure control contractually, through agreements and...more

Morgan Lewis

Delaware Court of Chancery Agrees with SLC, Dismisses $1 Billion Suit Against Carvana

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In the case of Carvana Co. Stockholders Litigation, the Delaware Court of Chancery followed the special litigation committee’s (SLC’s) recommendation and dismissed a stockholder complaint alleging that the company’s...more

Skadden, Arps, Slate, Meagher & Flom LLP

Broad Reforms to China’s Company Law Will Affect Most PRC Companies

On December 29, 2023, China enacted the amended Company Law of the People’s Republic of China (Amended PRC Company Law), which will come into effect on July 1, 2024. These are some of the most significant changes to the laws...more

Foley Hoag LLP - White Collar Law &...

SEC to Continue Aggressive Enforcement Efforts in 2024 After Record-Setting 2023

This is the fourth in our 2024 Year in Preview series examining important trends in white collar law and investigations in the coming year. We will be posting further installments in the series throughout the next several...more

Skadden, Arps, Slate, Meagher & Flom LLP

Shareholder Activism Continues To Increase and Spread in Europe

Key Points - - The number of activist campaigns launched against European companies rose again in 2023, with a new focus on German targets. - Many activists surveyed believe that France offers them good opportunities. -...more

Wilson Sonsini Goodrich & Rosati

2023 Delaware Corporate Law and Litigation Year in Review

Wilson Sonsini is pleased to present the 2023 Delaware Corporate Law and Litigation Year In Review. In 2023, the Delaware courts issued many decisions addressing an array of important topics, including director and officer...more

Proskauer Rose LLP

Retailer’s Status as a “Financial Institution” Immunizes $1 Billion Fraudulent Transfer

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When leveraged buyouts (“LBOs”) fail, the selling shareholders are litigation targets. A common suit is a claim by a bankruptcy trustee asserting constructive fraudulent transfer claims seeking to claw-back payments to the...more

Wilson Sonsini Goodrich & Rosati

Delaware Supreme Court Affirms Important Ruling for Multi-Class Companies Concerning Class Votes

On January 17, 2024, the Delaware Supreme Court issued a significant decision affirming that the Delaware General Corporation Law (the DGCL) does not require companies with multiple classes of common stock to obtain separate...more

Vinson & Elkins LLP

[Hybrid CLE Event] Every Season is Activist Season: The Big Questions for 2024 - January 31st, New York, NY

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Vinson & Elkins’ Shareholder Activism practice co-heads Lawrence Elbaum and Patrick Gadson will discuss how companies need to prepare against the year round attacks by shareholder activists. In a conversation moderated by...more

Dechert LLP

Delaware Books and Records Demands in 2023: Protections and Pitfalls for Companies

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The past year saw significant developments in the Delaware courts for books and records inspection demands pursuant to Section 220. In a first-of-its-kind decision, the Court rejected an inspection demand as lacking a...more

Pillsbury Winthrop Shaw Pittman LLP

The Corporate Transparency Act: What You Need to Do Now

When the Corporate Transparency Act (CTA) goes into effect in January 2024, millions of companies will face new beneficial ownership reporting obligations. The Financial Crimes Enforcement Network has proposed allowing...more

Jones Day

Court Grants Starbucks Corporation's Motion to Dismiss Advocacy Group's Complaint Targeting DEI Initiatives

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A Washington federal judge dismissed challenges to Starbucks's Diversity, Equity, and Inclusion ("DEI") policies in a strongly worded opinion, making clear that politics don't belong in his courtroom....more

Vinson & Elkins LLP

Related Party Transactions Disclosures in SEC Crosshairs Once Again

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The Securities and Exchange Commission (“SEC”) recently brought two enforcement actions against public companies regarding related party transaction (“RPT”) disclosures. The actions against Lyft and Maximus should remind...more

A&O Shearman

Delaware Court Of Chancery Rejects Stockholder Demand For Corporation To Supplement Its Section 220 Production With Searches And...

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On August 25, 2023, Magistrate Bonnie W. David of the Delaware Chancery Court issued a post-trial report denying stockholder requests for supplemental productions of emails from Zendesk, Inc. (the “Company”) pursuant to a...more

BCLP

What do recent lawsuits in the wake of Supreme Court decisions on Affirmative Action mean for your disclosures and DEI programs?

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A flurry of recent lawsuits in the wake of the Supreme Court’s June decision on affirmative action have further muddied the waters for public companies trying to thread their way through competing interests....more

Morgan Lewis

Update: Russia Adopts Law Removing ‘Unfriendly State’ Holding Companies from Shareholding in Certain Russian Companies

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A new law signed by Russian President Vladimir Putin allows changing the shareholding structures of Russian economically significant organizations whereby parent companies from “unfriendly states” will be removed from the...more

Mintz - Securities Litigation Viewpoints

Lessons from Disney: The Exercise of the Corporate Voice is Protected Business Decision

In the ever-changing and divisive political climate facing our nation today, boards of directors and the companies they oversee face myriad pressures from numerous stakeholders to weigh in on specific political, cultural, and...more

Hinshaw & Culbertson LLP

The Business Judgment Rule Saves Disney Officers and Directors in a Stockholder Records Action

Corporate activity related to ESG can have profound legal and market consequences. These consequences can be cut many ways. Although having taken a position on Florida legislation that resulted in negative business...more

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