Del. Justices Pressed To Revive Facebook Stock-Shuffle Suit

Law360 (June 30, 2021, 7:05 PM EDT) — Delaware’s Supreme Court pressed for answers Wednesday on how the law could let Facebook stockholders pursue a $90 million recovery over the social media company’s defense and later settlement of litigation over an abandoned, controversial stock reclassification plan without asking company directors to act first.The questions surfaced during class arguments before the full five-member court for reversal of Vice Chancellor J. Travis Laster’s dismissal of the second, derivative suit in October 2020. The lower court found that class members failed to first demand action by Facebook’s board on the derivative damage recovery claims arising from the first suit, or to… Stay ahead of the curve In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. Access to case data within articles (numbers, filings, courts, nature of suit, and more.) Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc. Create custom alerts for specific article and case topics and so much more! TRY LAW360 FREE FOR SEVEN DAYS
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