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IN RE INFORMATION MANAGEMENT SERVS., INC.

Consol. C.A. No. 8168-VCL.

81 A.3d 278 (2013)

IN RE INFORMATION MANAGEMENT SERVICES, INC. DERIVATIVE LITIGATION.

Court of Chancery of Delaware.

Decided: September 5, 2013.

Attorney(s) appearing for the Case

Raymond J. DiCamillo , Scott W. Perkins , Richards, Layton & Finger, P.A., Wilmington, Delaware; J. Christian Word , Katherine A. Schettig , Latham & Watkins LLP, Washington, District of Columbia; Attorneys for Plaintiffs.

Peter B. Ladig , Katherine J. Neikirk , Morris James LLP, Wilmington, Delaware; J. Stephen McAuliffe, III , Miles & Stockbridge P.C., Rockville, Maryland; Scott Wilson , Miles & Stockbridge P.C., Baltimore, Maryland; Attorneys for Defendants.

Barry M. Klayman , Cozen O'Connor, Wilmington, Delaware; Donald N. Sperling , Jeffrey M. Schwaber , Jamie M. Hertz , Stein Sperling Bennett De Jong Driscoll PC, Rockville, Maryland; Attorneys for Nominal Defendant, Information Management Services, Inc.

OPINION

LASTER, Vice Chancellor.

Trusts that own fifty percent of the common stock of nominal defendant Information Management Services, Inc. ("IMS" or the "Company") allege that two of the Company's three most senior officers mismanaged the Company in breach of their fiduciary duties. The executives consulted with their personal lawyers and advisors about the alleged mismanagement using their work email accounts. IMS gathered the emails but took no position...

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