For the second time in recent months, Delaware’s Chancery Court has ruled that shareholders can sue board members for breaching their duties in a de-SPAC deal, Reuters reports.
Vice Chancellor Morgan Zurn refused to dismiss a lawsuit by shareholders of Left Coast Ventures, a privately-held cannabis company that was acquired in 2021 by Subversive Capital Acquisition.
Subversive subsequently partnered with entrepreneur Shawn Carter, better known as Jay-Z, to form The Parent Co, which bills itself as California’s leading cannabis business. Read more.
