PI Global Investments
Hedge Funds

Chancery Holding Amplifies Approach To Boardroom Issues

By Gail Weinstein, Steven Steinman and Brian Mangino (July 21, 2022, 5:35 PM EDT) — In the recent Goldstein v. Denner decision, the Delaware Chancery Court held, at the pleading stage of litigation, that the directors and certain officers of Bioverativ Inc. — which had recently been spun off from Biogen Inc. — may have breached their fiduciary duties in connection with the $11.6 billion sale of Bioverativ to Sanofi SA.

The board was comprised of five outside directors and the CEO, and was led by outside director Alexander Denner who controlled an activist hedge fund. The plaintiff claimed that the directors, assisted by certain officers, sold the company, in a single-bidder process, too quickly after…

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