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Summaries and analysis of recent Delaware court decisions concerning business-related litigation.
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Class Action Filed Against Bear Stearns in Delaware Seeking to Enjoin Acquisition by JPMorgan
See latest developments on 03/31/08 above: Last Thursday, a class action complaint was filed against Bear Stearns and its directors in the Court of Chancery. The complaint alleges that the company has failed to maximize shareholder value by agreeing to be purchased by JPMorgan Chase for $2 per share. The complaint further alleges that, by agreeing to the deal, the company has favored numerous constituencies over the shareholders.
Update: The New York Times reports that JPMorgan Chase raised its offer to $10 per share. Professor Ribstein has commented , along with Pileggi.
Further Update: An additional class action was filed against Bear Stearns on Monday by the Wayne County Employees' Retirement System . And, yesterday a TRO was filed on behalf of the plaintiffs in both actions, seeking to enjoin the sale, which is set to close on April 8. Both actions, and the accompanying TRO, have been assigned to Vice Chancellor Parsons.
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