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SHIFTAN v. MORGAN JOSEPH HOLDINGS, INC.

Civil Action No. 6424-CS.

57 A.3d 928 (2012)

Andrew SHIFTAN, Andrew Silver, Article Sixth Trust U/W David H. Cogan, Brownlee O. Currey, Jr., Bruce V. Rauner, Charles Ayres, David Teiger, Dean Witter III, Equitable Trust Company C/F Ira of Tom R. Steele, Fred Tarter, Hickory Ventures Partnership, John R. Ingram, John Roche, Matthew Stedman, Paul Huffman, Roger T. Briggs, Jr., S. Randy Lampert, Scott P. George Trust, Seth E. Lemler, and the Falconwood Corp., Petitioners, v. MORGAN JOSEPH HOLDINGS, INC., Respondent.

Court of Chancery of Delaware.

Decided: January 13, 2012.

Attorney(s) appearing for the Case

C. Barr Flinn, Esquire , Emily V. Burton, Esquire , Paul J. Loughman, Esquire , Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware, Attorneys for Petitioners.

John L. Reed, Esquire , K. Tyler O'Connell, Esquire , DLA Piper LLP, Wilmington, Delaware; Christopher P. Hall, Esquire , DLA Piper LLP, New York, New York, Attorneys for Respondent.

OPINION

STRINE, Chancellor.

I. Introduction

Defendant Morgan Joseph Holdings, Inc. is an investment bank in which the petitioners held Series A Preferred Stock. The petitioners bought their preferred stock when Morgan Joseph was founded in 2001, helping to provide the initial funding for the company. Until late 2010, Morgan Joseph had outstanding two classes of preferred stock (Series A and Series B) and one class of common stock. The rights...

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