Summary
determining that transfers of stock fundamentally based on a purported stock split were invalid because the board failed to follow the DGCL's charter amendment procedure, which requires a written instrument evidencing board approval of the amendment
Summary of this case from Boris v. SchaheenOpinion
C.A. No. 782, 2010.
Submitted: November 30, 2011.
Decided: December 9, 2011.
Court Below: Court of Chancery for the State of Delaware, No. 5317.
Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS and RIDGELY, Justices, constituting the Court en Banc.
ORDER
This 9th day of December 2011, upon consideration of the briefs of the parties, and their contentions in oral argument, it appears to the Court that the judgment of the Court of Chancery should be affirmed on the basis of and for the reasons set forth in its decision dated November 24, 2010.
NOW, THEREFORE, IT IS ORDERED that the judgment of the Court of Chancery is AFFIRMED.