Activist Stockholder Aided and Abetted a Board’s Breach of Fiduciary Duties but the Court Finds No Damages
By: Jill B. Louis and Alexander J. Chern
In In re PLX Technology, Inc. Stockholders Litigation, C.A. No. 9880-VCL (Del. Ch. October 16, 2018), the Delaware Chancery Court found that the actions of an activist stockholder in the context of a sale transaction aided and abetted the defendant board of directors in a breach of its fiduciary duty of disclosure but that there was insufficient evidence that the breach ultimately resulted in damages.