Chancery Keeps $24B Dell Stock Swap Suit Alive

Law360 (June 11, 2020, 6:00 PM EDT) -- The Delaware Chancery Court refused Thursday to dismiss stockholder claims that Dell Technologies Inc.'s founder, controlling investor and four directors breached their duty to the company in "myriad" ways while lining up a $24 billion stock swap deal that allegedly shortchanged investors by $6 billion or more.

In a 93-page decision that clears the way for the case to move into discovery, Vice Chancellor J. Travis Laster found that stockholders raised sufficiently reasonable arguments that the defendants were players in a deal with multiple conflicts that was ineligible for a review standard that gives deference to the business judgment of those involved.

Instead, the...

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