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CHORDIA v. LEE

C.A. No. 2023-0382-NAC.

ASHISH CHORDIA, LAMPROS KALAMPOUKAS, RAGHU KODIGE, RAVI SARMA, RICHARD ANDRADES, ASHISH BALDUA, JOHN GEE, KAJAL VIBHAKAR, THE SHAOIE CHAN CHORDIA GST TRUST, THE SAMAY KODIGE GST TRUST, and THE VEVAAN KODIGE GST TRUST, Plaintiffs, v. EDWARD LEE, MATTHEW DURGIN, JAEWOO HWANG, RONALD WASINGER, ADAM SEXTON, CHRIS JO, and ZENITH ELECTRONICS LLC, Defendants, and ALPHONSO INC., a Delaware corporation, Nominal Defendant.

Court of Chancery of Delaware.

Decided: January 4, 2024.

Attorney(s) appearing for the Case

Bradley R. Aronstam , R. Garrett Rice , Holly E. Newell , ROSS ARONSTAM & MORITZ LLP, Wilmington, Delaware; Brian M. Burnovski , Andrew Ditchfield , Pascale Bibi , Nikolaus J. Williams , Marie Killmond , Danielle Mullery , DAVIS POLK & WARDWELL LLP, New York, New York; Counsel for Plaintiffs Ashish Chordia, Lampros Kalampoukas, Raghu Kodige, Ravi Sarma, Richard Andrades, Ashish Baldua, John Gee, Kajal Vibhakar, The Shaoie Chan Chordia GST Trust, The Samay Kodige GST Trust, and The Vevaan Kodige GST Trust.

William M. Lafferty , Ryan D. Stottmann , Lauren K. Neal , Alec Hoeschel , Grant E. Michl , MORRIS, NICHOLS, ARSHT & TUNNEL LLP, Wilmington, Delaware; Hallie B. Levin , WILMER CUTLER PICKERING HALE AND DORR LLP, New York, New York; Timothy Perla , WILMER CUTLER PICKERING HALE AND DORR LLP, Boston, Massachusetts; Counsel for Defendants Edward Lee, Mathew Durgin, Jaewoo Hwang, Ronald Wasinger, Adam Sexton, and Chris Jo.

William M. Lafferty , Ryan D. Stottmann , Lauren K. Neal , Alec Hoeschel , Grant E. Michl , MORRIS, NICHOLS, ARSHT & TUNNEL LLP, Wilmington, Delaware; William Savitt , Jonathan M. Moses , Elaine Golin , Graham W. Meli , Ryan A. McLeod , WACHTELL, LIPTON, ROSEN & KATZ, New York, New York; Eric Seiler , Lance J. Gotko , Jason Rubinstein , David J. Ranzenhofer , Sofie Syed , FRIEDMAN KAPLAN SEILER, ADELMAN & ROBBINS LLP, New York, New York; Counsel for Defendant Zenith Electronics LLC.

Kurt M. Heyman , Elizabeth A. DeFelice , HEYMAN ENERIO GATTUSO & HIRZEL LLP, Wilmington, Delaware; Counsel for Nominal Defendant Alphonso Inc..

MEMORANDUM OPINION

Silicon Valley tech startup founders sold a majority interest in their company to LG Electronics. In exchange, the founders received cash and liquidity rights embodied in a stockholders' agreement. The liquidity rights were protected by the founders' contractual right to designate up to three of the company...

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