Olshan Secures Landmark Victory in Delaware Chancery Court

On May 21, 2025, Olshan’s activist litigation team secured rare relief vindicating stockholders’ voting rights when the Delaware Court of Chancery ordered the reopening of the nomination window for Ionic Digital, Inc. Ionic was formed from the bankruptcy of Celsius Network, and stockholders have never had a chance to vote for directors. After a two-day trial, the Court found “overwhelming” evidence that Ionic’s Board had eliminated a contested board seat in advance of annual director elections in breach of their fiduciary duties. As a result, the Court ordered that the Company reopen the nomination window for stockholders to submit new nominations—momentous relief that the Court of Chancery has not issued since its first grant in 1991. Litigation Partner Adrienne M. Ward led the litigation team with Litigation Department Chair Lori Marks-Esterman and Counsels Jacqueline Y. Ma and Daniel M. Stone. The activist team was led by Olshan Co-Managing Partner and Chair of the firm’s Shareholder Activism Practice Andrew Freedman, with Activist Partners Rebecca Van Derlaske and Dorothy Sluszka and Associate Andrew Astore.

You can read coverage of the victory in Bloomberg (subscription required), Delaware Business Court Insider (subscription required) and Law360 (subscription required).