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The Delaware Court of Chancery rejected a lawsuit by a Walt Disney Company stockholder to compel inspection of Disney's books and records relating to the company's opposition...
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...
To embed, copy and paste the code into your website or blog: 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 enj...
To print this article, all you need is to be registered or login on Mondaq.com. 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 U...