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CORWIN v. BRITISH AMERICAN TOBACCO PLC

No. COA15-1334.

796 S.E.2d 324 (2016)

Dr. Robert CORWIN As Trustee for the Beatrice Corwin Living Irrevocable Trust, on Behalf of a Class of Those Similarly Situated, Plaintiff, v. BRITISH AMERICAN TOBACCO PLC; Reynolds American, Inc.; Susan M. Cameron; John P. Daly; Neil R. Withington; Luc Jobin; Sir Nicholas Scheele; Martin D. Feinstein; Ronald S. Rolfe; Richard E. Thornburgh; Holly K. Koeppel; Nana Mensah; Lionel L. Nowell Iii; John J. Zillmer; and Thomas C. Wajnert, Defendants.

Court of Appeals of North Carolina.

Filed: December 20, 2016.

Attorney(s) appearing for the Case

Mullins Duncan Harrell & Russell PLLC, by Alan W. Duncan and Stephen M. Russell, Jr. ; and Block & Leviton LLP, by Jason M. Leviton , pro hac vice, for Plaintiff-Appellant.

Robinson & Lawing, LLP, by H. Brent Helms ; and Cravath, Swaine & Moore LLP, by Gary A. Bornstein , pro hac vice, for Defendant-Appellee British American Tobacco p.l.c.

Womble Carlyle Sandridge & Rice, LLP, Winston-Salem, by Ronald R. Davis , W. Andrew Copenhaver, and James A. Dean ; and Jones Day, by Robert C. Micheletto , pro hac vice, for Defendant-Appellees, Reynolds American, Inc., Susan M. Cameron, John P. Daly, Sir Nicholas Scheele, Martin D. Feinstein, Ronald S. Rolfe, and Neil R. Withington.

Moore & Van Allen PLLC, Charlotte, by James P. McLoughlin, Jr. , Mark A. Nebrig , and Johnathan M. Watkins , for Defendant-Appellees, Luc Jobin, Holly K. Koeppel, Nana Mensah, Lionel L. Nowell, Richard E. Thornburgh, Thomas C. Wajnert, and John J. Zillmer.

In this case of first impression, reviewing the sufficiency of the pleadings to state a claim for relief, we hold that a minority shareholder which owns shares eight times greater than any other shareholder, is the sole source of equity financing for a transformative corporate transaction, has a contractual right to prohibit the issuance...

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