KSF News, Updates, & Insights

KSF Secures Books and Records Victory in Unsettled Area of Law

On December 6, 2021, the Hon. Morgan T. Zurn, Vice Chancellor of the Court of Chancery of the State of Delaware, rendered a ruling finding that plaintiffs represented by Kahn Swick & Foti LLC properly sought books and records to investigate wrongdoing in the process leading up to the merger of Parsley Energy, Inc. in pursuit of a post-close breach of fiduciary duty action. In so doing, the Vice Chancellor noted that the specific facts of the case did “not map onto the two circumstances that, to date, have supported a second-filed 220 demand,” but nonetheless found that plaintiffs had taken the proper procedural path. She also went out of her way thank counsel for the manner in whcih they presented this novel issue to the Court: “And I do want to commend everyone for how collaboratively you handled this case and resolved all of the issues and just left this one for me. I think it’s a model of streamlining and collaborative litigation, and I really do appreciate it. I wish more people would handle it the way that you-all have. So thank you, sincerely, very much. Tell other people to do this, please.”