Olshan Achieves Delaware Trial Victory for Client Digirad
Law360 (subscription required) reported that the Delaware Chancery Court ruled after a trial that a contested election to replace Digirad Corporation’s Board of Directors was valid. This was a significant decision on the conduct of proxy solicitations, leading to a victory for Olshan client Digirad. The litigation involved investors, the Red Oak Fund, which had challenged Digirad’s contested election for several director seats this past spring. Red Oak ran a slate of directors to oppose Digirad’s nominees in the 2013 election. Red Oak challenged the integrity of the election process via litigation. After several weeks of intense discovery and multiple depositions in a very short period of time, Olshan litigation Partner Thomas Fleming and Associate Jennifer Heil tried the case in Delaware with invaluable assistance from Partner Jeff Udell and Associate Nicole Barna. The decision validated the election process and thus the election of Digirad’s director nominees.