Chancery Seems Skeptical Of UpCounsel Investor Claims

Law360 (March 4, 2021, 3:58 PM EST) -- A Delaware vice chancellor said Thursday she "wasn't very persuaded" by some arguments from an investor seeking derivative damages from the top figures of online legal services venture UpCounsel Inc., who the investor says licensed away the heart of the company without adequate disclosures before folding the business.

During a teleconference case dismissal hearing, Vice Chancellor Kathaleen S. McCormick pressed Ann M. Kashishian of Kashishian Law LLC, counsel for the investor, to explain arguments that UpCounsel's board acknowledged "and actually acceded to" some pre-suit demands from the stockholder despite allegations in the suit that demands would have been futile and were...

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