Shareholders Secure Crucial Information in Delaware Ruling; Clear Path for Effective Proxy Campaign Established

Concerned Stockholders Prevail in Delaware Court, Obtain Stockholder List Necessary for Robust Proxy Solicitation

WILMINGTON, Del., March 14, 2025 – In a significant victory for concerned shareholders, the Delaware Court of Chancery today ordered the prompt disclosure of a critical stockholder list, paving the way for a robust proxy solicitation in the ongoing battle for control of a prominent publicly traded company.

The decision comes after a prolonged and contentious dispute between the company's management and a group of concerned shareholders, who had been seeking access to the list of stockholders necessary to gauge support for their alternative slate of directors.

In its ruling, the court held that the company's management had failed to demonstrate a legitimate business purpose for withholding the list, and that the concerned shareholders had shown a sufficient likelihood of success in their proxy solicitation efforts to warrant disclosure.

The concerned shareholders, led by a prominent institutional investor, had been seeking to replace the company's entire board of directors with a new slate of nominees. The dispute has sparked intense scrutiny of the company's corporate governance practices and the role of proxy advisory firms in shaping investor decisions.

"We are thrilled with the court's decision, which recognizes the importance of transparency and accountability in corporate governance," said a spokesperson for the concerned shareholders. "We look forward to engaging with our fellow shareholders and presenting our vision for the company's future, free from the influence of entrenched management."

The ruling is seen as a significant blow to the company's management, which had been seeking to delay the disclosure of the stockholder list and thereby limit the ability of the concerned shareholders to build support for their proxy solicitation.

The case is the latest in a series of high-profile disputes between shareholders and corporate management, highlighting the growing importance of proxy contests in shaping the future of publicly traded companies.