The Delaware Supreme Court, in Craig T. Bouchard v. Braidy Industries, Inc., et al., C.A. No. 2020-0097-KSJM, memo. op. (Del. Ch. Apr. 28, 2020), found that the propriety of directors’ purported increase in authorized stock, stock split, expansion of the board, and appointment of themselves to the board as their own designees — rather than a controlling stockholder’s designees — based on rights of appointment obtained due to their increased stock ownership under a Voting Agreement required further fact development.
NEW: K&L Gates discusses the decision in Court of Chancery Decides Motions to Dismiss, Motion for Summary Judgment, and Motion for Judgment on the Pleadings When Plaintiff Sues Stockholders and Directors of the Company He Founded.
$$$ Law360 discusses the decision in Chancery Wants More Details On Aluminum Firm Board Fight.