Ex-Basho Exec's Chancery Suit Survives Dismissal Bid

Law360, Wilmington (August 26, 2016, 9:09 PM EDT) -- A Delaware Chancery judge on Friday refused to dismiss derivative and individual claims against Basho Technologies Inc. related to a 2014 financing transaction, saying the corporate behavior alleged in a former executive's complaint was so abusive that normally effective defenses don’t hold up under scrutiny.

During a hearing in Wilmington, Vice Chancellor J. Travis Laster said that the lengthy complaint filed by former board chairman and co-founder of Basho, Earl Galleher III, provided sufficient detail to render Basho’s defenses moot. Galleher accused one of the company’s largest corporate stakeholders of forcing the company to accept a financing package that was oppressive...

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!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!