IN RE REVLON, INC. SHAREHOLDERS LITIGATION

C.A. No. 4578-VCL.

990 A.2d 940 (2010)

In re REVLON, INC. SHAREHOLDERS LITIGATION.

Court of Chancery of Delaware.

Decided: March 16, 2010.


Attorney(s) appearing for the Case

Seth D. Rigrodsky and Brian D. Long, Rigrodsky & Long, P.A., Wilmington, DE; Robert M. Kornreich and Carl L. Stine, Wolf Popper, LLP, New York City, Plaintiffs' Co-Lead Counsel and Members of Plaintiffs' Committee of the Whole; Joseph A. Rosenthal and Norman M. Monhait, Rosenthal, Monhait & Goddess, P.A., Wilmington, DE, Plaintiffs' Delaware Liaison Counsel and Member of Plaintiffs' Committee of the Whole; Abbey Spanier Rodd & Abrams, LLP, New York City; Glancy Binkow & Goldberg, LLP, Los Angeles, CA; Wolf Haldenstein Adler Freeman & Herz, LLP, New York City; Law Office of Jacob Fogel, P.C., Brooklyn, NY; Chimicles & Tikellis, LLP, Wilmington, DE; Law Office of Bruce G. Murphy, Vero Beach, FL, Members of Plaintiffs' Committee of the Whole.

David A. Jenkins and Michele C. Gott, Smith Katzenstein & Furlow, LLP, Wilmington, DE; Curtis V. Trinko, Law Offices of Curtis V. Trinko, LLP, New York City; Samuel K. Rosen, Harwood Feffer, LLP, New York City, for Plaintiffs Edward S. Gutman and Lawrence Corneck.

Thomas J. Allingham, II, Robert S. Saunders, Alyssa M. Schwartz, Skadden, Arps, Slate, Meagher & Flom, LLP, Wilmington, DE, for Defendants Alan T. Ennis, David L. Kennedy, and Revlon, Inc.

Andre G. Bouchard, Joel Friedlander, and Sean M. Brennecke, Bouchard Margules & Friedlander, P.A., Wilmington, DE; William Savitt and Ryan A. McLeod, Wachtell, Lipton, Rosen & Katz, New York City, for Defendants Ronald O. Perelman, Barry F. Schwartz, and MacAndrews & Forbes Holdings Inc.

Raymond J. DiCamillo and Kevin M. Gallagher, Richards Layton & Finger, P.A., Wilmington, DE; Lawrence J. Zweifach and Marshall R. King, Gibson, Dunn & Crutcher, LLP, New York City, for Defendants Alan S. Bernikow, Paul J. Bohan, Meyer Feldberg, Ann D. Jordan, Debra L. Lee, Tamara Mellon, Kathi P. Seifert and Kenneth L. Wolfe.


OPINION

LASTER, Vice Chancellor.

After filing two additional representative actions challenging a transaction that already was the subject of this proceeding, the new plaintiffs and their counsel asked me to revisit the leadership structure governing the various law firms representing the putative class. Having reviewed the record in the case to date, I conclude that the original plaintiffs' counsel failed to litigate the case adequately. Indeed, their advocacy...

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