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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!