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KING v. VERIFONE HOLDINGS, INC.

C.A. No. 5047-VCS.

994 A.2d 354 (2010)

Charles R. KING, Plaintiff, v. VERIFONE HOLDINGS, INC., a Delaware Corporation, Defendant.

Court of Chancery of Delaware.

Decided: May 12, 2010.

Attorney(s) appearing for the Case

David A. Jenkins, Esquire, Michele C. Gott, Esquire, Smith, Katzenstein & Furlow LLP, Wilmington, DE; Judith S. Scolnick, Esquire, Tom Laughlin, Esquire, Scott + Scott LLP, New York City, for Plaintiff Charles R. King.

Raymond J. DiCamillo, Esquire, Kevin M. Gallagher, Esquire, Richards, Layton & Finger, P.A., Wilmington, DE; Robert A. Sacks, Esquire, Sullivan & Cromwell LLP, Los Angeles, CA, for Defendant VeriFone Holdings, Inc.

OPINION

STRINE, Vice Chancellor.

I. Introduction

A plaintiff owning a small number of shares in a corporation rushed off to a federal court to file a derivative suit shortly after the corporation announced that it had to restate its financial statements. The complaint was for money damages, most principally those damages the corporation might suffer if it faced liability in securities suits. There was no basis for exigency and no expedited...

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