Another Case Finding No Conflict with Federal Law

In Romero v. Career Education Corporation, download pdf file, the Chancery Court recently denied a motion for reargument and upheld a prior decision, that I wrote about here, which found that the right to demand books and records under Section 220 of the DGCL is not preempted by either the Private Securities Litigation Reform Act of 1995 or the Securities Litigation Uniform Standards Act of 1998 and their restrictions on discovery. Nor is a Section 220 case made moot by a contemporaneous filing of a derivative suit. By comparison see my recent post about the Vesta case, which recently held that there is no conflict with the SEC prerequisites for an annual meeting and the right under the DGCL to demand an annual meeting.