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DELAWARE COUNTY EMPL. RET. FUND v. SANCHEZ

No. 702, 2014.

124 A.3d 1017 (2015)

DELAWARE COUNTY EMPLOYEES RETIREMENT FUND, City of Roseville Employees' Retirement System, and Robert Friedman, Derivatively and on Behalf of Sanchez Energy Corporation, Plaintiffs Below-Appellants, v. A.R. SANCHEZ, Jr., Antonio R. Sanchez, III, Gilbert A. Garcia, Greg Colvin, Alan G. Jackson, Eduardo Sanchez, Altpoint Capital Partners LLC, Altpoint Holdings, LLC, Sanchez Resources, LLC, and Sanchez Energy Corporation, Defendants Below-Appellees.

Supreme Court of Delaware.

Decided: October 2, 2015.

Attorney(s) appearing for the Case

Pamela S. Tikellis, Esquire , Scott M. Tucker, Esquire , Tiffany J. Cramer, Esquire , Vera G. Belger, Esquire , Chimicles & Tikellis LLP, Wilmington, Delaware; Stuart M. Grant, Esquire (Argued), Michael J. Barry, Esquire , Nathan A. Cook, Esquire , Bernard C. Devieux, Esquire , Grant & Eisenhofer, P.A., Wilmington, Delaware, for Appellants.

John D. Hendershot, Esquire (Argued), Andrew J. Peach, Esquire , Richards, Layton & Finger, P.A., Wilmington, Delaware, for Appellees Gilbert A. Garcia, Alan G. Jackson, and Greg Colvin.

Kurt M. Heyman, Esquire , Patricia L. Enerio, Esquire , Dawn Kurtz Compton, Esquire , Wilmington, Delaware, for Appellee Sanchez Energy Corp.

William M. Lafferty, Esquire , Leslie A. Polizoti, Esquire , Lauren K. Neal, Esquire , Morris, Nichols, Arsht, & Tunnell LLP, Wilmington, Delaware; M. Scott Barnard, Esquire , Michelle A. Reed, Esquire , Akin Gump Strauss Hauer & Feld LLP, Dallas, Texas, for Appellees A.R. Sanchez, Jr. and A.R. Sanchez, III.

Peter B. Ladig, Esquire , Jason C. Jowers, Esquire , Elizabeth A. Powers, Esquire , Morris James LLP, Wilmington, Delaware; R. Thaddeus Behrens, Esquire , Daniel H. Gold, Esquire , Haynes and Boone LLP, Dallas, Texas, for Appellees Eduardo Sanchez and Sanchez Resources, LLC.

Rolin P. Bissell, Esquire , Tammy L. Mercer, Esquire , Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware; Michael C. Holmes, Esquire , Jeremy K. Reichman, Esquire , Vinson & Elkins LLP, Dallas, Texas, for Appellees Altpoint Capital Partners LLC and Altpoint Sanchez Holdings LLC.

Before STRINE, Chief Justice; HOLLAND, VALIHURA, VAUGHN, and SEITZ, Justices, constituting the Court en banc.

I. INTRODUCTION

Determining whether a plaintiff has pled facts supporting an inference that a director cannot act independently of an interested director for purposes of demand excusal under Aronson1 can be difficult. And this...

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