Delaware Supreme Court Affirms Stockholder Damages After CEO Fast-Tracked Merger

Mealey's ( December 20, 2024, 2:53 PM EST) -- WILMINGTON, Del. — Sitting en banc, the Delaware Supreme Court affirmed a portion of a lower court’s determination that a company’s founder and CEO breached his fiduciary duty to the company’s stockholders when he fast-tracked a merger with a private equity firm, finding that the company’s former stockholders sufficiently pleaded that the CEO “tilted” the process in favor of the firm rather than pursue a deal that was in the stockholders’ best interest....