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MIAMI GEN. EMP. RET. TRUST v. C&J ENERGY

C.A. No. 9980-CB.

250 A.3d 764 (2018)

CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST, on behalf of itself and on behalf of all others similarly situated, Plaintiff, v. C&J ENERGY SERVICES, INC., Jerry M. Comstock, Jr., as Independent Executor of the Estate of Joshua E. Comstock, Randall C. McMullen, Darren M. Friedman, Adrianna Ma, Michael Roemer, C. James Stewart, III, H.H. "Tripp" Wommack, III, Theodore "Ted" Moore, Nabors Industries Ltd., and Nabors Red Lion Limited, and Morgan Stanley & Co. LLC, Defendants.

Court of Chancery of Delaware.

Date Decided: January 23, 2018.

Attorney(s) appearing for the Case

Stuart M. Grant and Mary S. Thomas , GRANT & EISENHOFER P.A., Wilmington, Delaware; Mark Lebovitch , Jeroen van Kwawegen , and Christopher J. Orrico , BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP, New York, New York, Attorneys for Plaintiff.

Stephen C. Norman , Michael A. Pittenger , and Jaclyn C. Levy , POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; Michael C. Holmes , Craig E. Zieminski , Olivia D. Howe , and Meriwether Evans , VINSON & ELKINS LLP, Dallas, Texas, Attorneys for Defendants C&J Energy Services, Inc., Jerry M. Comstock, Jr., as Independent Executor of the Estate of Joshua E. Comstock, Randall C. McMullen, Darren M. Friedman, Adrianna Ma, Michael Roemer, C. James Stewart, III, H.H. "Tripp" Wommack, III, and Theodore "Ted" Moore.

William M. Lafferty , MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware, Attorneys for Defendants Nabors Industries Ltd. and Nabors Red Lion Limited.

OPINION

In this case, a stockholder of C&J Energy Services, Inc. ("C&J Inc.") seeks an award of $5 million in attorneys' fees for plaintiff's alleged role in reducing the amount of cash that C&J Inc. needed to pay Nabors Industries Ltd. ("Nabors") in connection with a transaction that closed in March 2015. The...

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