Chancellor Andre G. Bouchard on Tuesday dismissed a shareholder derivative suit challenging allegedly suspicious trades the chairman of lululemon athletica made ahead of a steep decline in company stock, saying the claims were barred because a nearly identical case in New York has been fully adjudicated.
The plaintiffs in the Delaware case alleged that the former chairman and founder of the athletic apparel company, Dennis Wilson, breached his fiduciary duties in selling his stock just before the company announced the departure of its chief executive officer in June 2013, netting him more than $49.5 million, while the company’s stock the next day declined by 17 percent.
