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New court ruling affecting shareholder derivative actions against Delaware corporations

USA - February 7 2011 In a case which is significant for all Delaware corporations, the Delaware Supreme Court, in an en banc decision issued on Friday, January 28, 2011, entitled Charles R.R. King v. Verifone Holdings, Inc., 2011 Del. LEXIS 60 (January 28, 2011)("King"), held that the prior filing of a shareholder derivative action against a Delaware corporation does not, in itself, necessarily bar a shareholder derivative plaintiff from later pursuing an action in the Delaware Chancery Court under 8 Delaware Code 220 ("Section 220") seeking to compel production of corporate records relating to his or her dismissed shareholder derivative claims....