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Del. Court of Chancery Dismisses Section 220(c) Complaint

The Delaware court of chancery dismisses section 220(c) complaint in MaD Investors GRMD, LLC and MaD Investors GRPA, LLC, v. GR Companies, Inc., ruling that a Delaware corporation has until midnight on the fifth business day after being served with a Section 220 demand ....

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Recent Trends in Officer Liability | Skadden, Arps, Slate, Meagher & Flom LLP

More than a decade ago in the seminal case
Gantler v. Stephens,
1 the Delaware Supreme Court clarified that officers of Delaware corporations owe the same fiduciary duties of care and loyalty that directors owe to the corporation and its stockholders.
While directors and officers owe the same fiduciary duties, they are not entitled to the same defenses. Section 102(b)(7) of the Delaware General Corporation Law (DGCL) permits a corporation to adopt a provision in its certificate of incorporation exculpating directors from money damages for breaches of the duty of care. Those provisions, which are routinely adopted by Delaware corporations, do not apply to corporate officers. ....

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