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7547 PARTNERS v. BECK

No. 432, 1995.

682 A.2d 160 (1996)

7547 PARTNERS, Plaintiff Below, Appellant, v. Scott A. BECK, Saad J. Nadhir, Jeffry J. Shearer, J. Bruce Harreld, Arnold C. Greenberg, M. Howard Jacobson, Peer Pederson and Boston Chicken, Inc. Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: August 19, 1996.

Attorney(s) appearing for the Case

Joseph A. Rosenthal and John G. Day (argued), of Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Joel C. Feffer and Richard B. Brualdi of Wechsler Harwood Halebian & Feffer LLP, New York City, for Appellant.

Henry E. Gallagher, Jr. (argued), and Anne L. Barnett of Connolly, Bove, Lodge & Hutz, Wilmington, for Appellees Scott A. Beck, Saad J. Nadhir, Jeffry J. Shearer, J. Bruce Harreld, Arnold C. Greenberg, M. Howard Jacobson and Peer Pederson.

Donald J. Wolfe of Potter Anderson & Corroon, Wilmington, for Appellee Boston Chicken, Inc.

Before VEASEY, C.J., HOLLAND, and BERGER, JJ.

BERGER, Justice:

In this appeal we consider the statutory requirement that the plaintiff in a derivative suit be a stockholder of the corporation at the time of the challenged transaction. 8 Del.C. § 327. Appellant, 7547 Partners ("Partners"), filed this derivative suit alleging that the directors of Appellee, Boston Chicken, Inc. ("Boston Chicken"), breached their fiduciary duties in authorizing a private placement that accompanied the initial public...

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