J2 Insiders Unjustly Enriched By $200M Investment, Suit Says
Law360 (September 24, 2020, 10:03 PM EDT) -- Digital media business J2 Global Inc. was hit with a shareholder derivative suit Thursday in Delaware Chancery Court claiming certain former or current insiders were unjustly enriched through the company's $200 million investment in another venture affiliated with them.
Stockholder International Union of Operating Engineers of Eastern Pennsylvania and Delaware asserts that J2's directors breached their fiduciary duty by authorizing the company's $200 million investment in a fund associated with Orchard Capital Corp., an investment venture founded by J2 chairman Richard Ressler. Orchard is "a firm through which Ressler 'oversees' companies in which he (through Orchard Capital and/or its affiliates) invests,"...
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!