Klang v. Smith's Food & Drug Centers, Inc. (I)

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May 13, 1997

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5411 Grocery Stores
445110 Supermarkets and Other Grocery Retailers (except Convenience Retailers)
breach of fiduciary duty
disclosure, recapitalization, tender offer
Klang v. Smith's Food & Drug Centers, Inc. (I)
1997 Del. Ch. LEXIS 73
US
State Court
Delaware
Court of Chancery
Houlihan Lokey Howard & Zukin (solvency opinion)
Chandler

Summary

Plaintiffs sought recission on a series of transactions including a merger, stock repurchase and certificate amendment on theory that directors breached fiduciary duty.

See Also

Plaintiff Challenges Going Concern Asset Valuation Premise Used in Solvency Opinion

Legal and Court Case Update
July 1997

Plaintiffs sought rescission on a series of transactions including a merger, stock repurchase and certificate amendment.