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Initial Public Offering (IPO) Delaware General Corporation Law

Pillsbury - Propel

Mark Zuckerberg Got Founder’s Stock—Should I?

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When startup founders hear that Mark Zuckerberg received “founder’s stock” with 10-to-1 voting rights, the natural reaction is: Should I get that too? The impulse is understandable. As a founder, you may worry—sometimes...more

Cooley LLP

Reincorporation Considerations for Late-Stage Private and Pre-IPO Companies

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Introduction - Companies thinking about, preparing for or going through the initial public offering (IPO) process have many things to do and many decisions to make (to put it mildly!). A relatively recent addition to this...more

Paul Hastings LLP

Private Company Report: Q1 2025

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This edition of the Private Company Report highlights critical developments and regulatory changes affecting private companies, including recent presidential actions, SEC guidance on Regulation D and amendments to the...more

Latham & Watkins LLP

Proposed Amendments to Delaware General Corporation Law Aim to Clarify Corporate Transaction Rules

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If enacted, the amendments would significantly impact the risk-benefit considerations for public and private companies contemplating reincorporation or going public in a different jurisdiction. ...more

Allen Matkins

Race/Gender/Ethnicity Based Share Restrictions

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Yesterday's post took note of a proposed initial public offering by Bally's Chicago, Inc. that would impose a stockholder qualification based on race, gender and ethnic status.  This qualification requirement is intended to...more

Hogan Lovells

Delaware court finds corporate charter cannot incorporate private agreement by reference

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In Seavitt v. N-able, 321 A.3d 516 (Del. Ch. 2024), decided prior to the amendment of the Delaware General Corporate law to add Section 122(18), the Delaware Court of Chancery held that the “public nature of a charter” means...more

Dickinson Wright

Delaware Corporate Law to Follow Canadian Corporate Law

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Corporate lawyers in Canada tend to follow decisions of the Delaware Courts involving corporate governance and shareholder matters, as decisions of the Delaware Courts are often a bellwether as to how certain aspects of...more

Husch Blackwell LLP

Stockholder Agreements in Focus: Analyzing West Palm Beach Firefighters' Pension Fund v. Moelis & Co.

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On February 23, 2024, the Delaware Court of Chancery issued a decision in West Palm Beach Firefighters’ Pension Fund v. Moelis & Co. emphasizing the primacy of the board of directors’ responsibility to manage a Delaware...more

Goodwin

What’s in a Name? Why Your “Dual Class” IPO Should Be a “Dual Series” IPO Instead

Goodwin on

We recently represented Klaviyo, Inc. (NYSE: KVYO), in its $576 million initial public offering on the New York Stock Exchange. As has been extensively reported in the media, Klaviyo’s very successful offering represented the...more

Hogan Lovells

In re Forum Mobile: Section 226(a)(3) cannot turn defunct business into blank check company - Corporate / M&A Decisions update...

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In In re Forum Mobile, Inc., C.A. No. 2020-0346-JTL (Del. Ch. Feb. 3, 2022), the Delaware Chancery Court held that Section 226(a)(3) of the Delaware General Corporation Law (DGCL) does not authorize the court to appoint a...more

Goodwin

Delaware Court of Chancery Awards Attorneys’ Fees After Gilead’s “Glaringly Egregious” Litigation Conduct

Goodwin on

Delaware Court of Chancery Awards Attorneys’ Fees After Gilead’s “Glaringly Egregious” Litigation Conduct; S.D.N.Y Grants Plaintiffs’ Partial Summary Judgment in Securities Class Action Against Perrigo; SPAC Investors Launch...more

Sullivan & Worcester

Delaware Supreme Court Upholds Federal Forum Selection Provisions - Delaware Corporations May Now Adopt Federal Forum Selection...

Sullivan & Worcester on

On March 18, 2020, the Delaware Supreme Court reversed the Delaware Court of Chancery and held that Delaware corporations can adopt federal forum selection provisions for claims arising under the Securities Act of 1933 (the...more

Wilson Sonsini Goodrich & Rosati

Practical Considerations for Private and Public Company Clients in Light of the Delaware Supreme Court's Decision Upholding...

Last week, the Delaware Supreme Court issued an important decision upholding the validity of "Federal Forum Provisions" in corporate charters requiring that claims under the Securities Act of 1933 (the "'33 Act") be brought...more

Fenwick & West LLP

Delaware Supreme Court Rules That Corporations May Require Securities Act Claims to be Litigated in Federal Court

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The Delaware Supreme Court recently ruled that corporations may require stockholders to litigate claims under the Securities Act of 1933 (Securities Act) in federal court, holding that such forum provisions in corporate...more

WilmerHale

Delaware Supreme Court Upholds Validity of Federal Forum Provisions in Landmark Ruling

WilmerHale on

On March 18, 2020, in a landmark ruling in Salzberg v. Sciabacucchi, No. 346, 2019 (Del. Mar. 18, 2020), the Delaware Supreme Court upheld the validity of provisions of corporate articles of incorporation that require...more

Latham & Watkins LLP

Delaware Supreme Court Confirms Validity of Federal Forum Selection Bylaws for Securities Act Claims

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The decision is a positive development for Delaware corporations seeking to reduce duplicative state court litigation arising from public securities offerings. On March 18, 2020, the Delaware Supreme Court issued its...more

Vinson & Elkins LLP

Delaware SupremeCourt: Corporations May Use Bylaws To Require Investors To Sue In Federal Court For Securities Act Claims

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In Sciabacucchi v. Salzberg, No. 346, 2019 (March 18, 2020 Del. Sup. Ct), the Delaware Supreme Court has strengthened the use of forum selection clauses in bylaws and other governance documents by holding that corporations...more

A&O Shearman

Delaware Supreme Court Affirms Dismissal Of Misappropriation Claims Against Private Equity Investor That Invested In A Competitor

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On February 7, 2019, the Delaware Supreme Court issued an order affirming the dismissal of misappropriation claims by Alarm.com Holdings, Inc. against ABS Capital Partners Inc. (and its affiliates), a private equity firm that...more

Wilson Sonsini Goodrich & Rosati

2018 Delaware Corporate Law and Litigation Year In Review

In 2018, the Delaware courts issued a broad range of important decisions addressing various corporate law and governance issues. Those decisions are relevant for public and private companies and will help shape...more

Mintz - Securities Litigation Viewpoints

Delaware Chancery Court Holds Corporations Cannot Enact Federal Forum Provisions To Bypass Cyan and Preclude State Courts from...

In 2017, courts across this country were split on whether plaintiffs could assert a class action alleging claims under the Securities Act of 1933 (which provides a private right of action against issuers and others for...more

Sheppard Mullin Richter & Hampton LLP

Delaware Court of Chancery Declares Ineffective Exclusive Federal Forum Provision for 1933 Act Claims

In Sciabacucchi v. Salzberg, C.A. No. 2017-0931-JTL, 2018 WL 6719718 (Del. Ch. Dec. 19, 2018), the Delaware Court of Chancery (Laster, V.C.) held that a forum-selection provision in a Delaware corporation’s charter or bylaws...more

Troutman Pepper Locke

Delaware Court Rules Federal Forum Selection Provision Covering Securities Act Claims Invalid

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The Delaware Court of Chancery today ruled that a provision in the certificate of incorporation requiring any claim under the Securities Act of 1933 to be filed in federal court is invalid. ...more

Cooley LLP

Blog: Delaware Chancery invalidates exclusive federal forum provisions

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In March 2018, in Cyan Inc. v. Beaver County Employees Retirement Fund, SCOTUS held that state courts continue to have concurrent jurisdiction over class actions alleging only ’33 Act violations by private plaintiffs and that...more

Katten Muchin Rosenman LLP

Blockchain Technology May Enable Tracing in Securities Act Litigation

Blockchain technology is creating an ecosystem designed to accommodate peer-to-peer transactions without a trusted administrator or intermediary. On a blockchain platform, direct transactions are underpinned by blockchain's...more

Sheppard Mullin Richter & Hampton LLP

Taking Stock in Blockchains

Corporate lawyers and software developers have been watching eagerly as the State of Delaware takes steps to enable Delaware corporations to issue shares of their stock as digital tokens. Instead of recording shares on paper...more

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