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IN RE INVESTORS BANCORP, INC. LITIGATION

No. 169, 2017.

177 A.3d 1208 (2017)

IN RE INVESTORS BANCORP, INC. STOCKHOLDER LITIGATION.

Supreme Court of Delaware.

Decided: December 13, 2017.

Revised: December 19, 2017.

Attorney(s) appearing for the Case

Steve J. Purcell, Esquire , (Argued), Purcell Julie & Lefkowitz LLP, New York, New York; David A. Jenkins, Esquire , Neal C. Belgam, Esquire , and Clarissa R. Chenoweth, Esquire , Smith Katzenstein & Jenkins LLP, Wilmington, Delaware, for Plaintiffs-Below, Appellants Robert Elburn, and Dieter Soehnel.

Kenneth J. Nachbar, Esquire , (Argued) and Zi-Xiang Shen, Esquire , Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware, for Defendants-Below, Appellees Robert C. Albanese, Dennis M. Bone, Doreen R. Byrnes, Domenick A. Cama, Robert M. Cashill, William V. Cosgrove, Kevin Cummings, Brian D. Dittenhafer, Brendan J. Dugan, James J. Garibaldi, Michele N. Siekerka, and James H. Ward, III, and Nominal Defendant-Below, Appellee Investors Bancorp, Inc.

Before STRINE, Chief Justice; VALIHURA, VAUGHN, SEITZ, and TRAYNOR, Justices.

In this appeal we consider the limits of the stockholder ratification defense when directors make equity awards to themselves under the general parameters of an equity incentive plan. In the absence of stockholder approval, if a stockholder properly challenges equity incentive plan awards...

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