Grimes v. Alteon, Inc.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that “to the extent such transactions obligate the board concerning stock issuance, the board must approve them in writing”
• explaining the DGCL affords corporations “the freedom to enter into new and different forms of transactions”
• directors must fix consideration for sales of stock and approve the sale
• “To ensure certainty, [8 Del. C. §§ 151, 152, 153, 157, 161 and 166] contemplate board approval and a written instrument evidencing the relevant transactions affecting issuance of stock and the corporation’s capital structure.”
• “The requirement of board approval for the issuance of stock is not limited to the act of transferring the shares of stock to the would-be stockholder, but includes an antecedent transaction that purports to bind the corporation to do so.”

Source: CourtListener parenthetical corpus (CC0).