Delaware’s Court of Chancery is currently undergoing sweeping changes as fresh litigants emerge, pursuing a wide spectrum of legal fees, milestone payments, merger documents, and more notably, damages resulting from opioid sales. Amongst these ongoing trials, there are a couple of significant lawsuits that stand out.
In one the cases, the founders of the used car behemoth, Carvana Inc., have successfully clinched a super-voting stock deal. Super-voting stock refers to shares that carry multiple votes per share, as opposed to ordinary shares, which carry one vote per share. By laying claim to such stock, the founders have effectively reinforced their voting power and control within the company.
In a separate issue, the popular clothing retailer, Guess Inc., has reportedly managed to resolve a long-standing stockholder dispute that revolved around allegations of sexual misconduct. Although the specifics of the settlement remain undisclosed, the resolution signals a significant step towards stabilizing the company’s tumultuous year.
These cases demonstrate a pivotal moment for the Delaware’s Court of Chancery, as they grapple with an eclectic mix of contemporary issues, from corporate governance to sexual misconduct allegations.