The Delaware Court of Chancery, in High River Limited Partnership, et al. v. Occidental Petroleum Corp., C.A. No. 2019-0403-JRS, memo. op. (Del. Ch. Nov. 14, 2019), denied inspection of books and records, finding no credible basis to suspect non-exculpated wrongdoing and finding requested records not necessary and essential to for a proxy contest.
NEW: K&L Gates discusses the decision in Demand For Books And Records Under Section 220 To Aid In Proxy Contest Is Not A Proper Purpose, Chancery Court Finds.
Akin Gump discusses the decision in Implications for Section 220 ‘Books and Records’ Demands Following High River Limited Partnership.
Bloomberg Law discusses the decision in INSIGHT: Shareholder’s Intention to Start Proxy Fight Not Enough to Inspect Corporate Books.
Fried Frank discusses the decision in Shareholder Activism and Proxy Contests as a “Proper Purpose” for Books and Records Demands.
Quinn Emanuel discusses the decision in Hedge Fund Litigation Update: Delaware Chancery Court Denies Icahn’s “Novel” Bid For Books And Records.
Morris James discusses the decision in Chancery Declines to Establish New Rule Concerning Books and Records Inspections Related to Proxy Contests.
[$$$] Pepper Hamilton discusses the decision in Chancery Denies Shareholders’ Books-and-Records Inspection in Furtherance of Potential Proxy Contest.
Lowenstein Sandler discusses the decision in Delaware Chancery Rules Activist Investors Cannot Use 220 Demand in Aid of Potential Proxy Contest.
Shearman & Sterling discusses the decision in Delaware Court of Chancery Rejects Demand to Inspect Books and Records Under Section 220 to Aid in Proxy Contest.
Sheppard Mullin discusses the decision in Delaware Court of Chancery Holds that a Stockholder’s Disagreement with a Board’s Business Judgment and Intent to Pursue a Proxy Contest is Not a “Proper Purpose” for a Section 220 Demand.
NEW: [$$$] Morris James discusses the decision in Investor’s Desire to Criticize Proxy Contest Transactions Does Not Sustain Books and Records Request.
Deallawyers.com discusses the decision in Books & Records: Del. Chancery Says Proxy Fight Not a “Proper Purpose”.
Reuters discusses the decision in Court tosses Carl Icahn’s lawsuit seeking Occidental acquisition records.