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FIREFIGHTERS' PENSION SYSTEM v. PRESIDIO

C.A. No. 2019-0839-JTL.

251 A.3d 212 (2021)

FIREFIGHTERS' PENSION SYSTEM OF the CITY OF KANSAS CITY, MISSOURI TRUST, on behalf of itself and all other similarly situated stockholders of Presidio, Inc., Plaintiff, v. PRESIDIO, INC., Robert Cagnazzi, Steven Jay Lerner, Pankaj Patel, Todd H. Siegel, Heather Berger, Christopher L. Edson, Salim Hirji, Matthew H. Nord, Michael A. Reiss, Apollo Global Management LLC, AP VIII Aegis Holdings, L.P., BC Partners Advisors L.P., and LionTree Advisors, LLC, Defendants.

Court of Chancery of Delaware.

Date Decided: January 29, 2021.

Attorney(s) appearing for the Case

Michael Hanrahan , Samuel L. Closic , Stephen D. Dargitz , Jason W. Rigby , PRICKETT, JONES & ELLIOTT, P.A., Wilmington, Delaware; Lee D. Rudy , J. Daniel Albert , Stacey A. Greenspan , KESSLER TOPAZ MELTZER & CHECK, LLP, Radnor, Pennsylvania; Attorneys for Plaintiff.

Kevin R. Shannon , Berton W. Ashman, Jr. , Daniel M. Rusk, IV , POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; Ryan A. McLeod , Alexandra P. Sadinsky , Wilfred T. Beaye, Jr. , WACHTELL, LIPTON, ROSEN & KATZ, New York, New York; Attorneys for Defendants Robert Cagnazzi, Steven Jay Lerner, Pankaj Patel, Todd H. Siegel, Heather Berger, Christopher L. Edson, Salim Hirji, Matthew H. Nord, and Michael A. Reiss.

William M. Lafferty , John P. DiTomo , Alexandra M. Cumings , Sara Toscano , MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware; Scott B. Luftglass , Rebecca L. Martin , Anne S. Aufhauser, FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP, New York, New York; Attorneys for Defendants Apollo Global Management, Inc. and AP VIII Aegis Holdings, L.P.

Raymond J. DiCamillo , Kevin M. Gallagher , Megan E. O'Connor , RICHARDS, LAYTON & FINGER, P.A, Wilmington, Delaware; John L. Hardiman , SULLIVAN & CROMWELL LLP, New York, New York; Attorneys for Defendant LionTree Advisors LLC.

A. Thompson Bayliss , E. Wade Houston , ABRAMS & BAYLISS LLP, Wilmington, Delaware; Matthew Solum , Courtney A. Carvill , KIRKLAND & ELLIS LLP, New York, New York; Attorneys for Defendant BC Partners Advisors L.P.

OPINION

The plaintiff is a former stockholder of Presidio, Inc. (the "Company"). The complaint supports a reasonable inference that the Company's financial advisor tipped one of the bidders during the Company's sale process, resulting in a price below what the Company's board of directors (the "Board") otherwise could have...

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