Morris Nichols Trial Team Contributes to eBay's Victory in Shareholder Dispute with craigslist
Wilmington, DE - September 14, 2010 - William Lafferty, Morris Nichols Corporate Litigation Group partner, headed the Morris Nichols trial team that represented eBay Inc. in its successful shareholder dispute against craigslist. The September 9 opinion in favor of eBay by Chancellor William B. Chandler III of the Delaware Court of Chancery found that the controlling stockholders and directors of craigslist breached their fiduciary duties in connection with the adoption of certain transactions in January 2008, and ordered the rescission of (i) a right of first refusal and related share issuance that had diluted eBay's ownership interest in the company, and (ii) a poison pill. The ruling restores eBay's 28.4 percent ownership interest in craigslist.
Morris Nichols' team included Rick Alexander, Eric Wilensky, Ryan Stottmann, Pauletta Brown, Amy Simmerman, Carol Powell, Barb Pietruczenia and others. The team worked closely with Mike Rhodes and his colleagues at Cooley LLP in achieving eBay's win.