Chancery “Likely” to Grant Doc Access in Yahoo COO Pay Row
September 29, 2015
Christine S. Azar discusses a books and records demand in a case regarding an ex-COO’s compensation package
In order to investigate what plaintiffs claim are possible breaches of fiduciary duty connected to the departure of the former Chief Operating Officer, as well as the disinterestedness of the company’s directors to determine if a demand on the board is necessary for a potential derivative lawsuit, a Delaware Chancery judge recently said he would be “likely” to grant investors a peek at the documents connected to CEO Marissa Mayer regarding the severance package of Yahoo’s ex-CEO.
“He overall hadn’t performed to the desired level,” Amalgamated Bank attorney Christine S. Azar of Labaton Sucharow LLP said, referring to the ex-COO. “That sounds an awful lot like cause.”