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Del. High Court Turns Down Challenge To Equus Stock Plan

Law360 (May 16, 2019, 8:11 PM EDT) -- The Delaware Supreme Court on Thursday stood by a Chancery Court ruling that investment company Equus Total Return satisfied its duty to inform stockholders about a stock incentive plan, refusing to give new life to a proposed class action claiming Equus kept investors in the dark.

In a brief order, the justices affirmed Vice Chancellor Joseph R. Slights III’s Nov. 13 memorandum opinion that rejected investor Samuel Zalmanoff’s argument that Equus Total Return Inc. fell short in providing information to stockholders about the incentive program, which was proposed two years after the company notified investors of plans for a reorganization or...

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