TELXON CORP. v. MEYERSON

No. 328, 2001.

802 A.2d 257 (2002)

TELXON CORPORATION, Plaintiff Below, Appellant, v. Robert F. MEYERSON, Dan R. Wipff, Robert A. Goodman, Dr. Raj Reddy and Norton W. Rose, Defendants Below, Appellees.

Supreme Court of Delaware.

Resubmitted Following Supplemental Briefing: April 4, 2002.

Decided: June 7, 2002.

Reargument Denied July 30, 2002.


Attorney(s) appearing for the Case

Joseph A. Rosenthal, Carmella P. Keener, Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Delaware, Sidney B. Silverman, (argued), New York City, for appellant.

Steven J. Rothschild, (argued), Paul J. Lockwood, Sean K. Hornbeck, Skadden, Arps, Slate, Meagher & Flom, Wilmington, Delaware, for appellees Robert F. Meyerson, Dan R. Wipff, Dr. Raj Reddy and Norton W. Rose.

Henry E. Gallagher, Jr., (argued), Connolly Bove Lodge & Hutz, LLP, Wilmington, Delaware, Steven J. Miller, Drew A. Carson, Goodman Weiss Miller, LLP, Cleveland, Ohio, for appellee Robert A. Goodman.

BEFORE: WALSH, HOLLAND, and BERGER, Justices.


WALSH, Justice:

In this appeal, we consider the propriety of the Court of Chancery's decision to grant summary judgment in a derivative action subsequently pursued by a successor corporate entity against its former directors. The complaint, originally asserted as a stockholders' derivative action, challenged the level of compensation that Directors had been receiving as well as Directors' decision for the corporation to acquire...

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