Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: September 3, 2004.
Decided: November 24, 2004.
Revised: December 2, 2004.
Attorney(s) appearing for the Case
Robert D. Goldberg, Esquire, Victor Battaglia, Esquire, Biggs & Battaglia, Wilmington, Delaware; Karen L. Morris, Esquire, R. Michael Lindsey, Esquire, Morris & Morris, LLC, Wilmington, Delaware; Joseph J. Tabacco, Jr., Esquire, Nicole Lavallee, Esquire, Elizabeth Guarnieri, Esquire, Berman, Devalerio, Pease, Tabacco, Burt & Pucillo, San Francisco, California; Dario de Ghetaldi, Esquire, Corey, Luzaich, Pliska, De Ghetaldi & Nastari, LLP, Millbrae, California; Robert B. Weiser, Esquire, Robin Winchester, Esquire, Eric L. Zagar, Esquire, Schiffrin & Barroway, Bala Cynwyd, Pennsylvania, Attorneys for Plaintiffs.
Kenneth J. Nachbar, Esquire, Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware; Alan N. Salpeter, Esquire, Javier H. Rubinstein, Esquire, Sheri L. Drucker, Esquire, Mayer, Brown, Rowe & Maw, LLP, Chicago, Illinois; Donald M. Falk, Esquire, John Nadolenco, Esquire, Christopher P. Murphy, Esquire, Shirish Gupta, Esquire, Mayer, Brown, Rowe & Maw, LLP, Palo Alto, California, Attorneys for Defendants Lawrence J. Ellison and Jeffrey O. Henley.
Allen M. Terrell, Jr., Esquire, Brock Czeschin, Esquire, Richards, Layton & Finger, Wilmington, Delaware; Jordan Eth, Esquire, Morrison & Foerster, San Francisco, California, Attorney for Oracle Corporation.
David C. McBride, Esquire, Christian Wright, Esquire, Adam Poff, Esquire, Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware; James G. Kreissman, Esquire, Simpson, Thacher & Bartlett, Palo Alto, California, Attorneys for the Special Litigation Committee of Nominal Defendant Oracle Corporation.
Court of Chancery of Delaware, New Castle County.
OPINION
STRINE, Vice Chancellor.
This derivative action involves a claim that two of the top officers at Oracle Corporation breached their fiduciary duty of loyalty to the company by selling stock in the company at a time when they possessed material, adverse, nonpublic information about the company. The plaintiffs thus raise a claim under the venerable case of Brophy v. Cities Service Co.1 Defendant Lawrence J. Ellison...
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