The personal email accounts of Lululemon Athletica non-employee directors are off-limits to stockholders seeking books and records about allegations of potential improper trading by the company’s former chairman, Vice Chancellor Donald F. Parsons Jr. has ruled.
But the email exchanges by one of the company’s in-house counsel discussing whether former chairman Dennis “Chip” Wilson followed his trading plan, and emails between attorneys and Wilson about how to respond to The Wall Street Journal’s questions about Wilson’s trades can be turned over under the fiduciary duty exception to attorney-client privilege, Parsons ruled in In re Lululemon Athletica 220 Litigation.
