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IN RE SANTA FE PAC. CORP. SHAREHOLDER LIT.

No. 224, 1995.

669 A.2d 59 (1995)

In re SANTA FE PACIFIC CORPORATION SHAREHOLDER LITIGATION.

Supreme Court of Delaware.

Decided: November 22, 1995.

Attorney(s) appearing for the Case

Pamela Tikellis (argued), James C. Strum and Robert J. Kriner, Jr., of Chimicles, Jacobsen & Tikellis, Wilmington, Joseph A. Rosenthal and Norman M. Monhait of Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Berger & Montague, P.C., Philadelphia, PA, Burt & Pucillo, West Palm Beach, FL, and Goodkind, Labaton, Rudoff & Sucharow, New York City, for Appellants.

R. Franklin Balotti, Anne C. Foster, Scott R. Haiber and Todd C. Schiltz of Richards, Layton & Finger, Wilmington, Theodore A. Livingston, Jr., Michele Odorizzi (argued), and Christian F. Binnig of Mayer, Brown & Platt, Chicago, IL, of counsel, for Appellees Santa Fe Pacific Corporation.

Kenneth J. Nachbar (argued), of Morris, Nichols, Arsht & Tunnell, Wilmington, Dennis E. Glazer and Vincent T. Chang of Davis, Polk & Wardwell, New York City, for Appellee Burlington Northern, Inc.

Before VEASEY, C.J., WALSH and BERGER, JJ.

VEASEY, Chief Justice:

In this appeal we decide when, in certain circumstances, a complaint in a corporate matter may properly be dismissed for failure to state a claim upon which relief can be granted. Plaintiffs, a class of stockholders of Santa Fe Pacific Corporation ("Santa Fe"), appeal the dismissal of their complaint for failure to state a claim under Rule 12(b)(6) of the Rules of the Court of Chancery ("Chancery Rule...

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