Timing Dooms Investor's Del. Suit For Cannabis Deal Books

Law360 (October 29, 2020, 7:40 PM EDT) -- A complaint-filing deadline bungle has ended a stockholder suit for a cannabis company's books and records, as a Delaware vice chancellor tossed the case with prejudice after the investors filed their suit before a post-demand window had expired.

Vice Chancellor Morgan T. Zurn said in Wednesday's opinion that investors from the groups MaD Investors GRMD LLC and MaD Investors GRPA LLC filed their suit against Grassroots at 5:03 p.m. five business days after serving their demand, when the post-demand window actually ended at midnight that night.

"Plaintiffs' response period did not terminate until 12:00 a.m. on July 17," Vice Chancellor Zurn...

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