Supreme Court of Delaware

In a proceeding under Article IV, Section 11(8) of the Delaware Constitution and Supreme Court Rule 41 on a question of law certified to the Delaware Supreme Court from the United States District Court for the Southern District of New York, the court answers the certified question as follows: plaintiffs in a double derivative action under Delaware law who were pre-merger shareholders in the acquired company and who were current shareholders, by virtue of a stock-for-stock merger in the post-merger parent company, need not also demonstrate that at the time of the alleged wrongdoing at the acquired company: (a) they owned stock in the acquiring company, and (b) the acquiring company owned stock in the acquired company.

Appellate Information

• Decided 09/15/2010
• Published 09/15/2010

Judges

• Jack B. Jacobs

Court

• Supreme Court of Delaware

Counsel

• For Appellant:
  
• Adam L. Balick, Paul J. Lockwood