Atmel Corporation Shareholder Litigation
|Court:||Delaware Court of Chancery|
|Judge:||Chancellor William B. Chandler III|
|Case Contacts:||Mark Lebovitch, Brett M. Middleton, Jeroen van Kwawegen|
On November 14, 2008, BLB&G filed a class action complaint in the Delaware Court of Chancery on behalf of Plaintiff Louisiana Municipal Police Employees’ Retirement System and other shareholders of Atmel Corporation (“Atmel”) against the Atmel board of directors (the “Board”) challenging the Board’s novel extension of the poison pill device.
On February 2, 2009, Plaintiff filed a Motion for Injunctive Relief seeking to invalidate the Board’s adoption of a draconian extension of the poison pill mechanism. On March 26, 2009, Plaintiff responded to Defendants' opposition of Plaintiff's Motion for Injunctive Relief. Following injunction proceedings on May 19, 2009, and on the eve of trial, the Defendants agreed to alter their poison pill to eliminate the offensive provisions, and agreed to refrain from similar conduct in the future.