With Mixed Results, Court of Chancery Applies Cornerstone in Latest Chapter of Oracle Litigation.

In In re Oracle Corporation Derivative Litigation, 2021 WL 2530961 (Del. Ch. June 21, 2021), the Court of Chancery considered allegations that Lawrence Ellison, Oracle Corporation's founder and 37.8% stockholder, used his control of Oracle to force an acquisition of NetSuite, Inc., another Ellison-founded company in which he and his affiliates held a 44.8% stake. Next, the Court found officer-director Jeffrey Henley acted as a director when attending a board meeting where the potential acquisition was discussed and when working to "crush" competition from NetSuite. [Extracted from the article]