Shintom Co., Ltd. v. Audiovox Corp.

HOLLAND, Justice:

This is an appeal from a final judgment entered by the Court of Chancery. The plaintiff-appellant, Shintom Co., Ltd. (“Shintom”) filed a complaint against the defendant-appellee, Audiovox Corporation (“Audiovox”), seeking to recover over $2,500,000 in consideration it paid for shares of preferred stock. Shintom’s complaint alleged that the preferred stock of Audiovox is void under title 8, section 151(c) of the Delaware Code because it has no dividend rights. The Court of Chancery concluded that Shintom’s statutory interpretation was erroneous and dismissed its complaint as a…