Cornerstone Therapeutics Inc. will pursue an interlocutory appeal to the Delaware Supreme Court asking it to review the state Court of Chancery’s decision to apply the entire fairness review standard to the board’s role in agreeing to accept Chiesi Farmaceutici SpA’s $255 million buyout. If the Supreme Court agrees to hear the appeal, it will temporarily halt a shareholder lawsuit alleging Cornerstone’s board breached its fiduciary duties when it approved the buyout.
Chancery Court Vice Chancellor Sam Glasscock III granted the interlocutory appeal Friday in In re Cornerstone Therapeutics Stockholder Litigation.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]