ALESSI v. BERACHA

C.A. No. 18993-NC.

849 A.2d 939 (2004)

Margaret ALESSI, Individually and on behalf of all others Similarly Situated, Plaintiff, v. Barry H. BERACHA, Jerry E. Ritter, James Iglesias, J. Joe Adorjan, Timothy P. Smucker, Peter F. Benoist, Maxine K. Clark, E. Byron Glore, Jr., William E. Stevens, and The Earthgrains Company, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: May 11, 2004.


Attorney(s) appearing for the Case

Carmella P. Keener, of Rosenthal Monhait Gross & Goddess, P.A., Wilmington, DE; Robert I. Harwood and Daniella Quitt, of Wechsler Harwood, L.L.P., New York City, of counsel, for Plaintiff.

Jesse A. Finkelstein and Thad J. Bracegirdle, of Richards, Layton & Finger, Wilmington, DE; Christopher King and Wendy N. Enerson, of Sonnenschein Nath & Rosenthal, L.L.P., Chicago, IL, of counsel, for Defendants.


OPINION

CHANDLER, Chancellor.

Plaintiff, Margaret Alessi, was a small investor in The Earthgrains Company. She owned less than 100 shares. On May 18, 2001, Earthgrains issued a press release announcing a program that would allow its shareholders holding less than 100 shares to sell or buy shares at the current market value (around $25) for a below normal brokerage fee. Seizing the opportunity, Alessi sold...

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