A recently published Delaware Court of Chancery decision must be read by anyone who seeks to understand the latest iteration of Delaware law involving Section 220 of the Delaware General Corporation Law in connection with demands by stockholders for corporate books and records. Lebanon County Employees’ Retirement Fund v. AmerisourceBergen Corporation, No. 2019-0527-JTL (Del.
proper purpose
Chancery Grants a Section 220 Demand in One Case–Denies it in Two Others
By Francis Pileggi on
Posted in Court of Chancery Updates
This post juxtaposes two recent decisions from the Delaware Court of Chancery addressing a perennial favorite of Delaware corporate litigation: Stockholder demands for records under DGCL Section 220.
Although the Section 220 demand was successful in the matter of Donnelly v. Keryx Biopharmaceuticals, Inc., C.A. No. 2018-0892-SG (Del. Ch. Oct. 24, 2019), by contrast:…
Chancery Finds Proper Purposes in Section 220 Demand in Absence of KFW Procedural Protections
By Francis Pileggi on
Posted in Court of Chancery Updates
Adding to the voluminous case law interpreting DGCL Section 220 that has been highlighted over the last 14 years on these pages, the recent Delaware Court of Chancery decision in Kosinski v. GGP Inc., C.A. No. 2018-0540-KSJM (Del. Ch. Aug. 28, 2019), is notable for its useful and thorough recitation of the basic requirements…
Chancery Rejects Claims for Books and Records Per Section 220, For Lack of Proper Purpose
By Francis Pileggi on
Posted in Court of Chancery Updates
Beiser v. PMC-Sierra, Inc., (Del. Ch., Feb. 26, 2009), read opinion here. This Chancery Court opinion rejected a claim under DGCL Section 220 for books and records of a corporation based on the court’s finding that the "proper purpose" for such a demand was not satisfied. The reasoning was that this suit was an…