Case Study: In Re Compellent Technologies

Law360, New York (December 23, 2011, 2:35 PM EST) -- On Dec. 9, 2011, in In re Compellent Technologies Inc. Shareholder Litigation, the Delaware Court of Chancery granted a $2.4 million fee award to plaintiffs’ attorneys who negotiated a settlement arising out of stockholder litigation challenging a merger. The settlement called for several amendments to the merger agreement to “relax” its deal protection provisions.

The settlement also required the target corporation to rescind a stockholder rights plan that was adopted specifically in connection with the announcement of the merger. The court’s decision is likely to encourage...
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