On December 30, Skadden secured the dismissal of claims in the Court of Chancery against the former directors and former CEO of Essendant Inc. relating to the acquisition of the company by Staples, Inc. After the Court of Chancery denied a motion to dismiss breach of contract claims made by the losing bidder, the individual defendants successfully argued that the decision did not foreclose dismissing breach of fiduciary duty claims based on the same allegations, and that the former-stockholder plaintiffs did not state a viable breach of fiduciary duty claim against the former directors or CEO.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates