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Delaware Supreme Court Holds That Seller’s Changes to Operations Because of COVID-19 Breached the Ordinary Course Covenant and Relieved Buyer of Its Obligation to Close

USA - December 21 2021 On Dec. 8, 2021, the Delaware Supreme Court in AB Stable VIII LLC v. MAPS Hotels and Resorts One LLC, No. 71, 2021 (Del. Dec. 8, 2021) affirmed the…

Jonathan M. Wagner, Christopher Auguste, Alan R. Friedman, Adi Herman, Arthur H. Aufses III, Shari Kahn Krouner, Todd E. Lenson, Thomas E. Molner, Jordan M. Rosenbaum

Sustained or Transitory? Delaware Court of Chancery Finds No MAE Absent Proof of Durationally Significant Effect on Business

USA - August 3 2021 Prior to the Delaware Court of Chancery’s opinion in Akorn, Inc. v. Fresenius Kabi AG, C.A. No. 2018-0300-JTL, 2018 WL 4719347 (Del. Ch. Oct. 1, 2018)…

Jonathan M. Wagner, Alan R. Friedman, Adi Herman, Arthur H. Aufses III, Ernest S.Wechsler

An Ounce of Prevention: Delaware Court of Chancery Orders Specific Performance in Private Equity Deal Nearly a Year After Deal Collapse

USA - May 24 2021 After a year of expedited litigation, including five days of trial, on April 30, 2021, Chancellor (then Vice Chancellor) Kathaleen McCormick of the…

Jonathan M. Wagner, Alan R. Friedman, Alexander Gelb, Adi Herman, Arthur H. Aufses III, Ernest S.Wechsler

What’s Past Practice Is Prologue: A Recap of Recent Developments in COVID-19-Related Delaware M&A Litigation

USA - February 18 2021 Since the outset of the COVID-19 pandemic almost a year ago, numerous buyers of companies have refused to close pending transactions, invoking, among…

Jonathan M. Wagner, Alan R. Friedman, Alexander Gelb, Arthur H. Aufses III

Delaware Court of Chancery Dismisses on the Pleadings M&A Specific Performance Claims

USA - August 3 2020 With the onset of the COVID-19 pandemic, buyers in a number of M&A transactions have refused to close, invoking, among other things, material adverse…

Alan R. Friedman, Adi Herman, Arthur H. Aufses III