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EQUITY-LEAGUE PENSION TRUST FUND v. GREAT HILL PARTNERS, L.P.

C.A. No. 2020-0992-SG.

EQUITY-LEAGUE PENSION TRUST FUND, derivatively on behalf of WAYFAIR INC., Plaintiff, v. GREAT HILL PARTNERS, L.P., GHEP VII AGGREGATOR, L.P., CHARLESBANK CAPITAL PARTNERS, LLC, CBEP INVESTMENTS, LLC, NIRAJ SHAH, JULIE BRADLEY, STEVEN CONINE, ROBERT GAMGORT, ANDREA JUNG, MICHAEL KUMIN, JAMES MILLER, JEFFREY NAYLOR, and ANKE SCHÄFERKORDT, Defendants, and WAYFAIR INC., Nominal Defendant.

Court of Chancery of Delaware.

Date Decided: November 23, 2021.

Attorney(s) appearing for the Case

Corinne Elise Amato , Kevin H. Davenport , and Jason W. Rigby , of PRICKETT, JONES & ELLIOTT, P.A., Wilmington, Delaware; OF COUNSEL: Eric L. Zagar and Matthew C. Benedict , of KESSLER TOPAZ MELTZER & CHECK, LLP, Radnor, Pennsylvania; and Patrick C. Lynch , of LYNCH & PINE, Providence, Rhode Island, Attorneys for Plaintiff Equity-League Pension Trust Fund.

Paul J. Lockwood , Jenness E. Parker , Jacob J. Fedechko , and Trevor T. Nielsen , of SKADDEN, ARPS, SLATE, MEAGHER & FLOM, Wilmington, Delaware, Attorneys for Defendants Julie Bradley, Robert Gamgort, Andrea Jung, James Miller, Jeffrey Naylor, Anke Schäferkordt, and Wayfair Inc.

John L. Reed , Ronald N. Brown, III , Peter H. Kyle , and Kelly L. Fruend , of DLA PIPER LLP (US), Wilmington, Delaware, Attorneys for Defendants Great Hill Partners, L.P., GHEP VII Aggregator, L.P., and Michael Kumin.

Rudolf Koch , Matthew D. Perri , and Andrew L. Milam , of RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware; OF COUNSEL: Roberto M. Braceras , Caroline H. Bullerjahn , John A. Barker , and Dylan E. Schweers , of GOODWIN PROCTER LLP, Boston, Massachusetts, Attorneys for Defendants Niraj Shah and Steven Conine.

Kurt M. Heyman and Gillian L. Andrews , of HEYMAN ENERIO GATTUSO & HIRZEL, LLP, Wilmington, Delaware; OF COUNSEL: Brandon F. White , Euripides Dalmanieras , and Leah S. Rizkallah , of FOLEY HOAG LLP, Boston, Massachusetts, Attorneys for Defendants Charlesbank Capital Partners, LLC and CBEP Investments, LLC.

MEMORANDUM OPINION

The decision if, how and when to take on company debt is a quintessential function of the board of directors. This is a purported derivative suit brought on behalf of Wayfair Inc. ("Wayfair" or the "Company") to challenge the issuance of $535 million in convertible debt (the "Transaction"...

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