Chancery Tosses Tardy Investor Suit Over Undervalued Biz

Law360 (May 29, 2020, 10:00 PM EDT) -- A private equity investor that sat out an appraisal suit challenging a tech company's 2013 cash-out merger price, only to see the Delaware Chancery Court set a price 2.6-times higher for those who did, waited too long to sue the company's controllers afterward, a Delaware vice chancellor ruled Friday.

The decision by Vice Chancellor Sam Glasscock III rejected arguments by Gallagher Industries LLC that it had no reason to suspect until relatively recently that it was misled or intentionally kept in the dark about allegedly low-ball valuations of ISN Software Corp. by the company's controllers.

While the court record supports claims...

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