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Proof that an inspection demand is improperly “lawyer-driven” will overcome a stockholder’s pretextual claim for investigating wrongdoing. A stockholder does not have a...
For decades, Delaware courts have encouraged stockholders to use the “tools at hand” — before initiating lawsuits — by obtaining corporations’ books and records through 8 Del. C. § 220...
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...