United States:
The Nine Systems Corp. Shareholder Litigation: A Primer In Improper Corporate Governance
31 March 2016
Fox Rothschild LLP
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The long saga of what ultimately became known as the "Nine
Systems Corp." shareholder litigation has wound its way
through the Delaware Chancery Court, where it began in 2008, to a
conclusion in the Delaware Supreme Court on December 11, 2015. The
path from corporate recapitalization in 2002 to the final order of
the Delaware Supreme Court holding that the plaintiff shareholders
of the entity originally known as "Streaming Media Corp."
were not entitled to any monetary damages notwithstanding what the
court described as a "grossly unfair process" provides a
wealth of guidance for attorneys advising early stage enterprises
as to how to properly address corporate governance and shareholder
communication issues.
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The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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