The Delaware Court of Chancery, in In re TrueCar, Inc. Stockholder Derivative Litigation, C.A. No. 2019-0672-AGB (consol.), memo. op. (Del. Ch. Sept. 30, 2020), found demand board members did not face a likelihood of liability in connection with alleged insider trading despite a finding of a strong inference of scienter in a related federal action asserting scienter-based claims only against non-director defendants.
NEW: Shearman & Sterling discusses the decision in Delaware Court of Chancery Dismisses Derivative Suit For Failure to Plead Sufficient Facts Showing Demand Futility.
San Antonio Express-News discusses the decision in Judge tosses lawsuit against USAA over TrueCar ties.
$$$ Delaware Business Court Insider discusses the decision in Chancellor Rejects Shareholders Suit Against TrueCar Board, Holding They Failed to Make Required Demand.