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The California Court of Appeals has upheld a well-recognized California corporate law principle that boards of directors of California corporations can lawfully obligate themselves to engage in a merger or other extraordinary transaction without the benefit of "fiduciary out
The Court of Chancery held that plaintiff was not entitled to a temporary restraining order prohibiting defendants from proceeding with a merger because he failed to show a probability of success on the merits of his claim that additional disclosure regarding the Department of Treasury’s Troubled Asset Relief Program was material to stockholders
