Upper Deck Co. v. Topps Co. Shareholders Litigation

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 satisfy the duty of disclosure, “directors must also avoid making materially misleading disclosures, which tell a distorted rendition of events or obscure material facts.”
• stating that the relatively high termination fee was ―explained by the relatively small size of the deal‖
• noting that it was ―critical‖ to the Court‘s determination that the target board had not done a pre-signing market check, but did secure a 40-day go-shop period.
• issuing an injunction after finding that proxy statement misrepresented competing bidder’s acquisition proposals and failed to disclose CEO’s potentially bid-deterring statements to the market
• “According to counsel, Lehman will not base a fairness opinion on projections that have not been prepared entirely by management.”
• calling termination fee of 4.3% of equity value ―a bit high in percentage terms‖

Source: CourtListener parenthetical corpus (CC0).

Cited by

21 cases in this archive cite this case; the 20 most cited are listed.

• Chen v. Howard-Anderson
  Court of Chancery of Delaware· 2014-04-08· cited 99×
• In re Rural Metro Corp.
  Court of Chancery of Delaware· 2014-03-07· cited 92×
• Morrison v. Berry
  Supreme Court of Delaware· 2018-07-09· cited 65×
• Mercier v. Inter-Tel (Delaware), Inc.
  Court of Chancery of Delaware· 2007-08-14· cited 50×
• In Re Cogent, Inc. Shareholder Litigation
  Court of Chancery of Delaware· 2010-10-05· cited 36×
• Maric Capital Master Fund, Ltd. v. Plato Learning, Inc.
  Court of Chancery of Delaware· 2010-05-13· cited 24×
• Martin Marietta Materials, Inc. v. Vulcan Materials Co.
  Court of Chancery of Delaware· 2012-05-04· cited 23×
• Dent v. Ramtron
  Court of Chancery of Delaware· 2014-06-30
• In re Comverge, Inc. Shareholders Litigation
  Court of Chancery of Delaware· 2014-11-25
• Fox v. CDX Holdings, Inc., C.A. No. 8031-VCL
  Court of Chancery of Delaware· 2015-07-28
• In Re: Appraisal of Dell Inc.
  Court of Chancery of Delaware· 2016-05-31
• Morrison v. Berry
  Supreme Court of Delaware· 2018-07-27
• FrontFour Capital Group LLC v. Brook Taube
  Court of Chancery of Delaware· 2019-03-22
• In Re: Mindbody, Inc. Stockholders Litigation
  Court of Chancery of Delaware· 2020-10-02
• City of Warren General Employees' Retirement System v. Talbott Roche
  Court of Chancery of Delaware· 2020-11-30
• Firefighters' Pension System of the City of Kansas City, Missouri Trust v. Presidio, Inc.
  Court of Chancery of Delaware· 2021-01-29
• In re Columbia Pipeline Group, Inc. Merger Litigation
  Court of Chancery of Delaware· 2021-03-01
• In Re: Pattern Energy Group Inc. Stockholders Litigation
  Court of Chancery of Delaware· 2021-05-06
• Continental Investors Fund LLC v. Tradingscreen Inc.
  Court of Chancery of Delaware· 2021-07-23
• In Re Mindbody, Inc. Stockholder Litigation
  Court of Chancery of Delaware· 2023-03-15

Cites

21 cases in this archive are cited by this case; the 20 most cited are listed.

• TSC Industries, Inc. v. Northway, Inc.
  Supreme Court· 1976-06-14· cited 2,447×
• Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc.
  Supreme Court of Delaware· 1986-03-13· cited 386×
• Emerald Partners v. Berlin
  Supreme Court of Delaware· 1999-03-16· cited 343×
• Malone v. Brincat
  Supreme Court of Delaware· 1998-12-18· cited 273×
• Rosenblatt v. Getty Oil Co.
  Supreme Court of Delaware· 1985-05-09· cited 268×
• Paramount Communications Inc. v. QVC Network Inc.
  Supreme Court of Delaware· 1994-02-04· cited 265×
• Arnold v. Society for Savings Bancorp, Inc.
  Supreme Court of Delaware· 1994-12-28· cited 251×
• Mills Acquisition Co. v. MacMillan, Inc.
  Supreme Court of Delaware· 1989-05-03· cited 245×
• Paramount Communications, Inc. v. Time Inc.
  Supreme Court of Delaware· 1990-03-09· cited 105×
• In re Pure Resources, Inc., Shareholders Litigation
  Court of Chancery of Delaware· 2002-09-27· cited 98×
• Chesapeake Corp. v. Shore
  Court of Chancery of Delaware· 2000-02-11· cited 51×
• Louisiana Municipal Police Employees' Retirement System v. Crawford
  Court of Chancery of Delaware· 2007-02-23· cited 50×
• Fleer Corp. v. Topps Chewing Gum, Inc.
  Third Circuit· 1981-08-25· cited 49×
• Robert M. Bass Group, Inc. v. Evans
  Court of Chancery of Delaware· 1988-07-18· cited 47×
• Fed. Sec. L. Rep. P 95,656 Alan L. Spielman v. General Host Corporation, General Host Corporation
  Second Circuit· 1976-07-12· cited 39×
• In Re Gaylord Container Corp. Shareholders Litigation
  Court of Chancery of Delaware· 1999-08-10· cited 36×
• Spielman v. General Host Corporation
  S.D. New York· 1975-08-14· cited 33×
• Ace Ltd. v. Capital Re Corp.
  Court of Chancery of Delaware· 1999-10-28· cited 20×
• MacAndrews & Forbes Holdings, Inc. v. Revlon, Inc.
  Court of Chancery of Delaware· 1985-10-24· cited 17×
• ODS Technologies, L.P. v. Marshall
  Court of Chancery of Delaware· 2003-09-25· cited 16×