Chancery Suit Over Hacked Payout In $130M Merger To Go On

By Leslie A. Pappas (April 1, 2022, 9:02 PM EDT) -- Shareholders of an education company who sued in Delaware Chancery Court for a payout they never received from a $130 million merger because hackers stole it may proceed with their lawsuit against the merger target and its buyer, but the payment agent is off the hook, a vice chancellor ruled.

In an opinion Friday, Vice Chancellor Sam Glasscock III granted the payment agent's motion to dismiss but denied the joint motion to dismiss claims against the two merger parties, Tassel Parent Inc. and Graduation Alliance Inc.

"It is true that the plaintiffs' contractual complaint against the buyer is muddled and turbid," the...

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