Litigation alleging that Verdesian Life Sciences LLC’s board and its former private equity sponsor withheld key documents about an acquisition target should be “more thoroughly developed at trial,” a Delaware Chancery Court judge said Wednesday.
Vice Chancellor Sam Glasscock III denied Verdesian and Paine Schwartz Partners LLC’s motion for summary judgment in the lawsuit brought by two equity holders who received their stakes when they sold their companies to Verdesian. “It may prove that Plaintiffs slept on their cause of action and are barred from recovery as a result, but such determination is best made on a trial record,” Glasscock ...