Del. Justices Press For More In Tossed Dilution Suit Appeal

Law360 (September 11, 2019, 8:53 PM EDT) -- Delaware Supreme Court justices pressed for better arguments Wednesday that stockholders appealing for resurrection of a dismissed suit were victims of unfair action by controlling shareholders who engineered massive dilution of their shares in health care tech company IDEV Technologies Inc.

Thad J. Bracegirdle of Wilks Lukoff & Bracegirdle LLC, counsel for IDEV founder Jeffrey J. Sheldon and Dr. Andras Konya, told a three-justice panel that Vice Chancellor Morgan T. Zurn incorrectly rejected claims that the two were directly harmed by the actions of three venture capital firms that controlled more than 60 percent of the company’s stock.

The alleged controllers, affiliates...

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