Citrix Director Pay Claims Get Go-Ahead From Del. Chancery
Law360, Wilmington (April 30, 2015, 9:12 PM EDT) -- A Delaware Chancery judge allowed a Citrix Systems Inc. shareholder's derivative claims challenging directors' stock compensation as excessive to go forward, ruling Thursday it was “reasonably conceivable” the brass were unjustly enriched, but axing allegations the pay was a waste of corporate assets.
In a 47-page opinion, Chancellor Andre G. Bouchard also ruled that the case, challenging restricted stock units awarded to eight nonemployee directors of the software company, should be evaluated under Delaware's strict entire fairness standard, which puts the burden of proof on the defendants to show the compensation was fair in price and was the product of fair...
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