The Delaware Supreme Court, in Lenza H. McElrath, III v. Travis Kalanick, et al. and Uber Technologies, Inc., No. 181, 2019, opinion (Del. Jan. 13, 2020), affirmed the Delaware Court of Chancery’s dismissal of shareholder derivative claims challenging an acquisition that exposed acquirer to liability on demand grounds, suggesting that directors “should have done more” to investigate the transaction, but finding a majority disinterested and independent.
NEW: Morris James discusses the decision in Supreme Court Affirms Dismissal of Uber Derivative Action for Failure to Plead Demand Futility.
Fried Frank discusses the decision in Delaware Supreme Court Decision on Director Independence Suggests to Some a Change in the Court’s Recent Approach– McElrath v. Kalanick.
Wachtell discusses the decision in Core Principles of Exculpation and Director Independence.
Law.com discusses the decision in Uber Board Was Disinterested and Independent to Assess a Pre-Suit Demand for Acquisition of Google Program.
Jim Hamilton discusses the decision in Uber CEO’s ‘law breaker’ reputation not enough to show directors ignored due diligence on acquisition.
Legal Newsline discusses the decision in Delaware high court tosses Uber stockholder’s complaint over Ottomotto acquisition.
Shearman & Sterling discusses the decision in Delaware Supreme Court Affirms Dismissal Of Derivative Suit Alleging Board Approved Transaction Involving Unnecessary Litigation Exposure.
Frank Reynolds discusses the decision in Delaware Supreme Court won’t restart Uber investor suit over self-driving car company deal.
The AP’s Randall Chase discusses the decision in Delaware court refuses to revive Uber shareholder lawsuit.