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Chancery Keeps Alive Suit Over $3.5B Pandora-Sirius Tie-Up
Law360 (February 23, 2021, 9:30 PM EST) A stockholder challenge to Pandora Media Inc. s $3.5 billion acquisition by Sirius XM Radio in 2019 moved forward in Delaware s Chancery Court on Tuesday after a ruling that in part found arguments that a deal proxy contained material falsehoods or deficiencies were reasonably conceivable.
Chancellor Andre G. Bouchard s decision on dismissal motions by Sirius and Pandora directors kept alive class claims that Sirius aided and abetted breaches of fiduciary duty by Pandora s board in the runup to the closing, and that Sirius was unjustly enriched at the expense of the class.
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Chancery Sanctions Cloud Co. In Service Contract Fight
Law360 (January 7, 2021, 8:43 PM EST) Delaware s Chancery Court on Thursday issued a preliminary injunction barring a cloud-based software contractor and its principal from cutting off services to computer system developer PC Connection Inc., days after issuing a contempt finding and ordering a $50,000-per-day sanction.
Vice Chancellor J. Travis Laster entered the rulings against Mark Stiffler, Synygy Ltd. and affiliates after slamming Stiffler and two affiliates with more than $1 million in sanctions for violating a temporary restraining order in a separate case over contracts and service cutoffs brought by Charter Communications.