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PARFI HOLDING AB v. MIRROR IMAGE INTERNET, INC.

C.A. No. 18507-VCS.

954 A.2d 911 (2008)

PARFI HOLDING AB, Gunnar Gillberg, Plenteous Corp. and Grandsen, Ltd., Plaintiffs, v. MIRROR IMAGE INTERNET, INC., Xcelera.com, Inc., Alexander M. Vik, Gustav Vik and Hans Magnus Fajerson, Defendants.

Court of Chancery of Delaware.

Decided: September 4, 2008.

Attorney(s) appearing for the Case

Thomas P. McGonigle, Esquire, Todd C. Schiltz, Esquire, Wolf Block, LLP, Wilmington, DE; Michael Paris, Esquire, William C. Nystrom, Esquire, Nystrom Beckman & Paris, LLP, Boston, MA, for Plaintiffs.

Jesse Finkelstein, Esquire, Brock Czeschin, Esquire, Richards Layton & Finger, Wilmington, DE; Peter J. MacDonald, Esquire, Wilmer Cutler Pickering Hale and Dorr, LLP, New York City; Robin L. Alperstein, Esquire, Becker, Glynn, Melamed & Muffly, LLP, New York City, for Defendants Xcelera Inc., Alexander M. Vik, Gustav Vik and Hans Magnus Fajerson.

OPINION

STRINE, Vice Chancellor.

I. Introduction

This opinion addresses several important issues in this case.

The first and most troubling is what consequences should attach when plaintiffs in a derivative action mislead the court about the reasons for their failure to take certain actions relevant to the case. The record reveals that a plaintiff who wished to have this court lift a stay that was in place pending the completion...

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