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IN RE PRIMEDIA INC. DERIVATIVE LITIGATION

C.A. No. 1808-N.

910 A.2d 248 (2006)

In re PRIMEDIA INC. DERIVATIVE LITIGATION.

Court of Chancery of Delaware, New Castle County.

Decided: November 15, 2006.

Attorney(s) appearing for the Case

Jessica Zeldin, Rosenthal, Monhait & Goddess, P.A., Wilmington, DE; James S. Notis, Gardy & Notis, L.L.P., Englewood Cliffs, NJ; Judith L. Spanier, Abbey Spanier Rodd Abrams & Paradis, L.L.P., New York City, for the Plaintiffs.

Anne C. Foster, John D. Hendershot, Grainne O. Murphy, Richards Layton & Finger, P.A., Wilmington, DE; Peter E. Kazanoff, William G. Ferullo, Simpson Thacher & Bartlett, L.L.P., New York City, for Defendants Primedia Inc., Beverly C. Chell, Dean B. Nelson, Timothy D. Dattels, Meyer Feldberg, H. John Greeniaus, David Bell, and Kelly P. Conlin.

A. Gilchrist Sparks III, Jonathan G. Strauss, Morris Nichols Arsht & Tunnell, L.L.P., Wilmington, DE, for Defendants Henry R. Kravis, Perry Golkin, Thomas Uger, Joseph Y. Bae, and Kohlberg Kravis Roberts & Co., L.P.

OPINION

LAMB, Vice Chancellor.

In this stockholder derivative suit, the plaintiffs challenge the propriety of a series of preferred stock redemptions undertaken by the defendant corporation at the behest of an allegedly controlling stockholder. These transactions allegedly constituted breaches of the fiduciary duty of loyalty owed by the controlling stockholder and each member of the board of directors.

According to the complaint, the controlling...

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