Wood v. Coastal States Gas Corp.

DUFFY, Justice:

This appeal is from an order of the Court of Chancery dismissing the complaints in a consolidated class action filed by the owners of two series of preferred stock 1 in Coastal States Gas Corporation (Coastal), a Delaware corporation. The suit is against Coastal, two of its subsidiaries and its chief executive officer. While this litigation is part of a complex controversy in a mosaic of many persons and disputes, it is entirely between the owners of Coastal’s preferred stock and the owners of its common stock.

I

The facts out of which the dispute arises involve the sale and…