Istituto Bancario Italiano SpA v. Hunter Engineering Co.

MARVEL, Chancellor:

Plaintiff, a banking corporation organized under the laws of Italy with a principal place of business in Milan, Italy, seeks rescission of the action of the defendants in causing the issuance of 190,000 shares of stock 1 of the defendant Hunter Engineering Company, Inc. a Delaware corporation with headquarters in Riverside, California, in the form of a stock dividend payable to the sole stockholder of such corporation, namely the defendant Efday B. V., a Dutch company with a place of business in Amsterdam, it being contended that such additional shares were improperly…