GrafTech Investor Loses Del. Suit Over $250M Share Buyback

By Dorothy Atkins (January 21, 2022, 9:57 PM EST) -- The Delaware Chancery Court tossed a GrafTech International Ltd. stockholder's lawsuit Friday that sought to disgorge $250 million gained in an allegedly conflicted, insider-controlled share repurchase and block trade, finding that the majority of GrafTech's board members weren't conflicted, and that a stockholder demand should have been lobbed before suing in court.

In a 36-page opinion, Delaware Chancery Court Chancellor Kathaleen St. J. McCormick dismissed Steven Simons' complaint, finding that the stockholder, who alleged that the appointment of a ninth director had violated a shareholder agreement, did not make a demand to the board before filing the lawsuit and wrongly assumed...

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