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Court Of Chancery Stresses Importance Of Records Demand In Lead Counsel Battle

Posted In Class Actions

In re CytRx Corp. Stockholder Derivative Litigation II,  C.A 11800-VCMR (February 22, 2017)

When asked to choose the lead plaintiff and class counsel, the Court of Chancery applies the well-known Hirt factors.  As this decision demonstrates, the Court also will place some significant weight on which of the competing plaintiffs used a books and records inspection to bolster its complaint, rather than just relying on the financial press.