Sonitrol Holding Co. v. Marceau Investissements

MOORE, Justice.

Sonitrol Holding Company (“Sonitrol”) appeals a decision of the Court of Chancery permitting an investor, Marceau Investisse-ments (“Marceau”), to purchase 212,246 shares of Sonitrol Class B Stock as a consequence of Sonitrol’s failure to achieve certain financial results under an agreement with Marceau. We affirm that ruling. Marceau cross appeals from the trial court’s order permitting Sonitrol’s chief executive officer, Harry S. Flemming (“Flem-ming”), to “put” certain Sonitrol stock owned by Flemming back to Marceau. We conclude that Flemming’s put right was cancelled under…