Legal Opinion
Gantler v. Stephens
Supreme Court of Delaware
Decided January 27, 2009No. 132, 2008PublishedCited by 225 opinions
1Opinion of the Court
JACOBS, Justice.
The plaintiffs in this breach of fiduciary duty action, who are certain shareholders of First Niles Financial, Inc. (“First Niles” or the “Company”), appeal from the dismissal of their complaint by the Court of Chancery. The complaint alleges that the defendants, who are officers and directors of First Niles, violated their fiduciary duties by rejecting a valuable opportunity to sell the Company, deciding instead to reclassify the Company’s shares in order to benefit themselves, and by disseminating a materially misleading proxy statement to induce shareholder approval. We…
2Cases cited28 opinions
- Aronson v. LewisSupreme Court of Delaware · 1984
- Brehm v. EisnerSupreme Court of Delaware · 2000
- VLIW TECHNOLOGY, LLC v. Hewlett-Packard Co.Supreme Court of Delaware · 2003
- In Re General Motors (Hughes) Shareholder LitigationSupreme Court of Delaware · 2006
- Guth v. Loft, Inc.Supreme Court of Delaware · 1939
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3Cited by225 opinions
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- Beard Research, Inc. v. KatesCourt of Chancery of Delaware · 2010
- In Re Bank of America Corp. Securities, Derivative, & Employee Retirement Income Security Act (ERISA) LitigationDistrict Court, S.D. New York · 2010
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