Del. Justices Grill AbbVie Investors In Shire Docs Fight
By Jeff Montgomery (January 13, 2016, 6:30 PM EST) -- Justices on Delaware's Supreme Court on Wednesday grilled an attorney for AbbVie investors who are pressing a books and records request tied to the company's failed $55 billion merger with Shire PLC, repeatedly asking for evidence of any wrongdoing by directors.
The Southeastern Pennsylvania Transportation Authority filed the high court appeal earlier this year, after failing to convince a vice chancellor that the probe was justified by general indications that biopharmaceutical giant AbbVie had failed in its fiduciary duty when it pressed ahead with the merger in mid-2014.
The deal with Shire would have made AbbVie a foreign entity, creating significant...
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