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In a case of first impression, Delaware Chancery Court holds that preferred stockholders have the right to bring derivative actions
- Sheppard Mullin Richter & Hampton LLP
- -
- USA
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- June 21 2010
In MCG Capital Corporation v Maginn, Civil Action No 4521-CC, 2010 Del Ch LEXIS 87 (Del Ch May 5, 2010), the Delaware Court of Chancery granted in part and denied in part the defendants' motion to dismiss plaintiff preferred stockholder's complaint alleging both derivative and direct claims
California Court of Appeal applies three-year limitation under Delaware law to claim against dissolved Delaware corporation
- Sheppard Mullin Richter & Hampton LLP
- -
- USA
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- May 10 2010
In Greb v. Diamond Int’l Corp., 2010 Cal. App. LEXIS 566 (Cal. App. 1st Dist. Apr. 26, 2010), the California Court of Appeal for the First District affirmed the trial court’s dismissal of a personal injury claim against a dissolved Delaware corporation, holding that the claim was filed more than three years after dissolution of the corporation in violation of Delaware General Corporation Law Section 278
California Court of Appeal holds that shareholders have standing to pursue derivative actions after dissolution of a corporation
- Sheppard Mullin Richter & Hampton LLP
- -
- USA
- -
- October 8 2010
In Favila v Katten Muchin Rosenman LLP, 188 Cal App 4th 189 (2d Dist 2010), the California Court of Appeal reversed the trial court's denial of plaintiff's motion for leave to amend its complaint and dismissal of plaintiff's derivative action, holding, in part, that a shareholder's estate may maintain a derivative action on behalf of a corporation even after the corporation has been dissolved
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- Workarea - Company & Commercial
- Author - John Stigi
- Author - Amir A. Torkamani
- Firm Name - Sheppard Mullin Richter & Hampton LLP