The Delaware Court of Chancery recently granted a motion by a single-member special litigation committee to terminate a stockholder derivative suit. In a 77-page opinion, Vice Chancellor Lori W. Will found that the one-member special litigation committee conducted a good faith investigation and reached reasonable conclusions regarding the transactions at issue. The opinion demonstrates that the court’s oversight of a single-member special litigation committee will be rigorous, and it offers valuable practice points for future single-member committees.
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