IN RE CELERA CORP. SHAREHOLDER LITIGATION

No. 212, 2012.

59 A.3d 418 (2012)

In re CELERA CORPORATION SHAREHOLDER LITIGATION. BVF Partners L.P., Objector Below-Appellant, v. New Orleans Employees' Retirement System, Plaintiff Below-Appellee, and Richard H. Ayers, Jean-Luc Belingard, Peter Barton Hutt, Gail M. Naughton, Kathy Ordoñez, Wayne I. Roe, Bennett M. Shapiro, Celera Corporation, Quest Diagnostics Incorporated and Sparks Acquisition Corporation, Defendants Below-Appellees.

Supreme Court of Delaware.

Decided: December 27, 2012.


Attorney(s) appearing for the Case

Bruce L. Silverstein, Esquire (argued), Martin S. Lessner, Esquire , Richard J. Thomas, Esquire , Emily V. Burton, Esquire , Benjamin Z. Grossberg, Esquire , Thomas E. Williams, Esquire , of Young Conaway Stargatt & Taylor LLP, Wilmington, Delaware, for Appellant BVF Partners L.P.

Stuart M. Grant, Esquire (argued) Michael J. Barry, Esquire , John C. Kairis, Esquire , of Grant & Eisenhofer P.A., Wilmington, Delaware; Of Counsel Mark Lebovitch, Esquire , Jeremy Friedman, Esquire , of Berstein Litowitz Berger & Grossmann LLP, New York City, New York; Marlon E. Kimpson, Esquire , William S. Norton, Esquire of Motley Rice LLC, Mt. Pleasant, South Carolina, for Appellee New Orleans Employees' Retirement System.

Gregory P. Williams, Esquire , Kevin M. Gallagher, Esquire , of Richards, Layton & Finger, P.A., Wilmington, Delaware; Of Counsel Alan S. Goudiss, Esquire , Brian H. Polovoy (argued), Esquire , Michael S. Carucci, Esquire , of Shearman & Sterling LLP, New York City, New York, for Appellees Quest Diagnostics Incorporated, Spark Acquisition Corporation, and Celera Corporation.

Kevin G. Abrams, Esquire , of Abrams & Bayliss LLP, Wilmington, Delaware; Of Counsel Patrick E. Gibbs, Esquire , Andrew M. Farthing, Esquire , of Latham & Watkins LLP, Menlo Park, California, for Appellees Richard H. Ayers, Jean-Luc Belingard, William G. Green, Peter Barton Hutt, Kathy Ordoñez, Wayne I. Roe, and Bennett M. Shapiro.

Before HOLLAND, BERGER, JACOBS, and RIDGELY, Justices, and VAUGHN, President Judge, constituting the Court en Banc.


RIDGELY, Justice:

Objector-Below/Appellant, BVF Partners L.P. ("BVF") appeals from a Court of Chancery certification of Plaintiff-Below/Appellee New Orleans Employees' Retirement System ("NOERS") as class representative in this action challenging the acquisition of Celera Corporation ("Celera") by Quest Diagnostics, Inc. ("Quest"). BVF also appeals from the Court of Chancery's approval of a class action settlement without an opt out right for BVF between NOERS and...

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