The Delaware Supreme Court last week affirmed the result but disavowed the reasoning of the Court of Chancery’s dismissal of a $50 million claim by OptimisCorp’s chief executive in a fiduciary duties suit, saying a judge’s analysis of the plaintiff’s argument clouded an issue of growing importance in state courts.
Alan Morelli, CEO of the California health care company, had appealed an August 2015 opinion by former Vice Chancellor Donald F. Parsons Jr. blocking his damages claims against dissident directors, related to his unexpected ouster during a 2012 board meeting.
