Daniel W. KRASNER, Gregory J. Sheffield, and Moise Katz, Plaintiffs Below, Appellants, and Cross-Appellees,
v.
James R. MOFFETT, Rene L. Latiolais, Terrell J. Brown, Thomas D. Clark, Jr., B.M. Rankin, Jr., Richard C. Adkerson, Robert M. Wohleber, Freeport-McMoRan Sulphur, Inc., and McMoRan Oil & Gas Co., Defendants Below, Appellees, and Cross-Appellants.
Supreme Court of Delaware.https://leagle.com/images/logo.png
Submitted: April 8, 2003.
Decided: June 18, 2003.
Attorney(s) appearing for the Case
Pamela S. Tikellis (argued), and Robert J. Kriner, Jr., of Chimicles & Tikellis, LLP, Wilmington; Norman M. Monhait, of Rosenthal, Monhait, Gross & Goddess, Wilmington; Goodkind, Labaton, Rudoff & Sucharow, LLP, of counsel, for Appellants.
Alan J. Stone, of Morris Nichols Arsht & Tunnell, Wilmington; Dennis E. Glazer, John J. Clarke, Jr. (argued), and Florence A. Crisp, of Davis Polk & Wardwell, New York City, of counsel, for Appellees Richard C. Adkerson, Rene L. Latiolais, James R. Moffett, B.M. Rankin, Jr., Robert M. Wohleber, and Freeport-McMoRan Sulphur, Inc.
Allen M. Terrell, Jr., of Richards, Layton & Finger, P.A., Wilmington; Terence M. Murphy, Michael L. Rice, and James P. Karen, of Jones Day Reavis & Pogue, Dallas, TX, of counsel, for Appellees Terrell J. Brown and Thomas D. Clark, Jr.
Lewis H. Lazarus, of Morris James Hitchens & Williams, LLP, Wilmington; Robert B. Bieck, Jr., David G. Radlauer, and Amy L. Glovinsky, of Jones, Walker, Waechter, Poitevent, Carrere, & Denegre, LLP, New Orleans, LA, of counsel, for Appellee McMoRan Oil & Gas Co.
Before VEASEY, Chief Justice, HOLLAND and BERGER, Justices.
Supreme Court of Delaware.
VEASEY, Chief Justice:
In this appeal, we address the question whether a stockholder class action can be dismissed under Chancery Rule 12(b)(6) where the complaint adequately alleges that a majority of the directors recommending a merger to the stockholders had disabling conflicts of interest. The Court of Chancery determined that the complaint alleges facts sufficient to infer that five of the seven directors on the board...
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