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73 Vand. L. Rev. En Banc 1 (2020)

handle is hein.journals/valewenb73 and id is 1 raw text is: DELAWARE CORPORATE LAW BULLETIN Delaware Court Refuses Corwin Cleanse Due to Inadequate Disclosures of Conflicts of Interest and Financial Projections Robert S. Reder* Kelsey R. McKeag** * Professor of the Practice of Law at Vanderbilt University Law School. Professor Reder has been serving as a consulting attorney at Milbank LLP in New York City since his retirement as a partner in April 2011. * Vanderbilt University Law School, J.D. Candidate, May 2020. Court also declines to dismiss related aiding and abetting claims against financial advisor and purchaser IN TRODU CTION .............................................................................. 2 I. FACTUAL BACKGROUND .............................................................3. A. Virtu Discusses Acquiring KCG with Jefferies ........... 3 B. Virtu M akes an Offer .............................................. 4 C. KCG and Virtu Conclude Negotiations.................... 5 D . Litigation Ensues .................................................. 6 II. VICE CHANCELLOR MCCORMICK'S ANALYSIS............................. 6 A. Breach of Fiduciary Duties...................................... 6 1. Stockholder vote not fully informed ............... 7 2. Plaintiff stated a non-exculpated claim for breach of fiduciary duties ............................. 8 1