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LILLIS v. AT&T CORP.

C.A. No. 717-N.

896 A.2d 871 (2005)

Charles LILLIS, Gary Ames, Richard Post, Frank Eichler, Robert Crandall, Lou Simpson, Pierson Grieve, Richard McCormick, Janice Peters, Pearre Williams, Roger Christensen, Doug Holmes, Steven Boyd, Patti Klinge, Connie Campbell, Sharon O'Leary, Jim Taucher, Bud Wonsiewicz and Daniel Yohannes, Plaintiffs, v. AT&T CORP. and AT&T Wireless Services, Inc., Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: August 26, 2005.

Attorney(s) appearing for the Case

Josy W. Ingersoll, Danielle Gibbs, Young Conaway Stargatt & Taylor, L.L.P., Wilmington, DE; Miranda S. Schiller, Joshua S. Amsel, Weil, Gotshal & Manges, L.L.P., New York City, for the Plaintiffs.

Todd C. Schiltz, Wolf, Block, Schoor and Solis-Cohen, L.L.P., Wilmington, DE; Robert D. Owen, Glen Banks, Fulbright & Jaworski, L.L.P., New York City, for Defendant AT&T Corp.

Kenneth J. Nachbar, Morris, Nichols, Arsht & Tunnell, Wilmington, DE; Michael L. Banks, William P. Quinn, Morgan Lewis & Bockius, L.L.P., Philadelphia, PA, for Defendant AT&T Wireless Services, Inc.

MEMORANDUM OPINION AND ORDER

LAMB, Vice Chancellor.

I.1

A. Background

The plaintiffs, former owners of options to purchase shares in AT&T Wireless Services, Inc. ("Wireless"), bring this suit against Wireless and AT&T Corp., seeking to be compensated for the value of their options, which were canceled when Wireless merged with Cingular Wireless Corporation. The plaintiffs formerly...

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