In re United Therapeutics Derivative Litigation
|Court:||Court of Chancery of the State of Delaware|
|Judge:||Chancellor William B. Chandler III|
|Case Contacts:||Mark Lebovitch|
On October 2, 2009, the Retirement Board of Allegheny County (the "Retirement Board") filed a derivative action on behalf of United Therapeutics Corporation ("UTHR" or the "Company") related to inappropriate executive compensation. On October 26, 2009, the Retirement Board moved to consolidate its action with a pending derivative action filed by Jeffrey Benison IRA on behalf of UTHR.
On May 4, 2010, Police & Fire Retirement System of the City of Detroit ("PFRS"), represented by BLB&G, joined the pending consolidated derivative action and the Plaintiffs filed an amended complaint. The amended complaint challenged: (i) an ultra vires grant of stock options to UTHR's CEO, (ii) a share tracking awards plan ("STAP") that UTHR implemented without stockholder approval, and (iii) the unjustified repricing of stock options and STAP awards for members of the UTHR Board and senior management.
During briefing of Defendants' motion to dismiss and Plaintiffs' Motion for Partial Summary Judgment, the parties reached a preliminary settlement.
Other Cases of Interest
- LSI Corporation
Delaware Court of Chancery Mark Lebovitch, David Wales
- Twenty-First Century Fox, Inc.
Delaware Chancery Court Max W. Berger, Mark Lebovitch, David Wales, Rebecca E. Boon
- Sanchez Energy
Delaware Court of Chancery David Wales, Mark Lebovitch, Christopher J. Orrico, Alla Zayenchik
- Allergan, Inc. (Proxy Violation)
Central District of California Mark Lebovitch, Jeremy P. Robinson, Michael D. Blatchley, Richard D. Gluck, Edward G. Timlin
- Suprema Specialties, Inc.
District of New Jersey Max W. Berger, Mark Lebovitch, Rochelle Feder Hansen
- Merrill Lynch & Co., Inc. (Bond Action)
Southern District of New York Max W. Berger, Mark Lebovitch, Kurt Hunciker
- Kinder Morgan Energy Partnership, L.P.
Delaware Court of Chancery Mark Lebovitch, David Wales, Adam Hollander
- El Paso Corporation
Delaware Court of Chancery Mark Lebovitch
- Bank of America/Merrill Lynch Merger Litigation
Southern District of New York Max W. Berger, Hannah Ross, Mark Lebovitch, John Rizio-Hamilton, Katherine M. Sinderson, Jonathan D. Uslaner