The Delaware Supreme Court affirmed Wednesday the rescission of a stock conversion at a struggling cannabis accessories company founded by four friends who ended up fighting over equity and job responsibilities.
The court’s one-page order doesn’t explain why it upheld a Delaware Chancery Court post-trial opinion that returned two million shares of common stock to two co-founders of Session Corp. A three-member panel heard oral arguments on May 20.
- Those co-founders appealed, each seeking $2.4 million in damages and citing the high court’s reversal of a Chancery Court order for the rescission of Elon Musk’s pay package as CEO of ...