Mobile Ad Co. Can't Duck Del. Suit Over $34M Merger
Law360 (May 9, 2019, 8:02 PM EDT) -- Wireless advertising firm Mobile Posse Inc. mostly lost in its bid for an early win in a shareholder suit accusing it of failures to notify shareholders of a $34 million take-private merger, with a Delaware Chancery Court judge saying Thursday the company and its board didn’t comply with many statutory disclosure requirements.
Vice Chancellor Kathaleen S. McCormick denied Mobile Posse’s motion for judgment on the pleadings on all but one count of the complaint from common shareholder Anurag Mehta, explaining that clear rules requiring notification of mergers and disclosure of merger consideration were not followed by the company and its board...
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