Chancery Lets 1 Claim Survive In $40M Sporting Co. Sale Suit
Law360 (October 11, 2019, 8:38 PM EDT) -- The Delaware Chancery Court dismissed all but one of six counts Friday in a suit accusing majority investors in a sporting and fitness goods manufacturer of unfairly pushing through a $40 million company sale that left the minority, including the company’s two founders, with nothing.
The decision by Vice Chancellor Kathaleen S. McCormick advanced a claim by Pro Performance Sports LLC founders John Sarkisian and JJS Ltd. that board appointees of preferred unitholder Steelpoint CP Holdings LLC and the company’s CEO cast conflicted votes in favor of the sale to Implus Footcare LLC, breaching their fiduciary duties and losing business judgment...
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