Chancery Seeks More Info On Authentix Investor Rights Limits
By Jeff Montgomery (January 26, 2021, 6:45 PM EST) -- A Delaware vice chancellor asked for additional briefing Tuesday in a dispute over claims that investors in anti-counterfeiting firm Authentix signed away their right to raise corporate fiduciary duty and loyalty objections to an allegedly underpriced, $105 million company sale in 2017.
Vice Chancellor Sam Glasscock III requested the supplemental brief after hearing arguments for dismissal from affiliates of Authentix's former controlling investor Carlyle Group and three of Authentix's directors. He said he needed more information on the implied covenant of good faith in contracts to assess whether agreements by stockholders to not contest a sale can be enforced even if...
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