Former board members of OM Group, Inc. defend shareholder litigation
Clients OM Group, Inc.
Jones Day represented the former members of the board of directors of OM Group, Inc. in connection with shareholder litigation filed in Delaware Chancery Court arising out of the company's $1.03 billion acquisition by funds managed by affiliates of Apollo Global Management, LLC. Following expedited discovery, plaintiffs abandoned their bid for a preliminary injunction in August 2015. Plaintiffs then filed a consolidated, post-closing complaint, which defendants moved to dismiss. In October 2016, the court accepted Jones Day's arguments and dismissed plaintiffs' complaint in its entirety. The court agreed that the stockholders' overwhelming approval of the transaction "was the product of a fully informed, uncoerced vote" and the directors therefore should be shielded from any liability arising out of their alleged breaches of fiduciary duties.
In re OM Group, Inc. S'holders Litig., 2016 WL 5929951 (Del. Ch., Oct. 12, 2016)