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Summaries and analysis of recent Delaware court decisions concerning business-related litigation.
- Chancery Finds Plaintiff Failed To State A Non-Exculpated Claim Against Special Committee Defendants In Complaint Challenging A Merger
- Chancery Finds Stockholder Conferred a Substantial Corporate Benefit by Challenging the Joint Vote of Two Classes of Common Stock under Section 242(b)(2) of the DGCL
- Court of Chancery Awards Plaintiffs Attorneys’ Fees and Costs in Section 225 Action for Obtaining a Substantial Benefit for the Corporation and its Stockholders
Morris James Blogs
Court Of Chancery Holds Section 205 Is Limited To Validating Action
By Morris James LLP on October 29, 2015
Posted In Securities
IN RE Genelux Corporation, C.A. 10042-VCP (October 22, 2015)
In a case of first impression, the Court holds that Section 205 of the DGCL can only be used to validate defective corporate actions, not to declare an action invalid. While a similar claim might be made in a Section 225 case, there are limits to who may bring such a claim, so this decision does make a real difference.
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