Chancellery Launches Wayfair Shareholders’ $ 535 Million Ticket Selling Suit


By Leslie Pappas (Nov 24, 2021, 5:26 p.m. EST) – The Delaware Chancery Court has dismissed a derivative class action lawsuit by shareholders of Wayfair Inc. regarding a sale of convertible notes of $ 535 million last year, saying they had failed to prove that it was futile to submit their claims to the board of directors of the company before filing a complaint.

In a 32-page opinion filed Nov. 23, Vice-Chancellor Sam Glasscock III found that while the transaction “was far from a model of best practice,” Wayfair shareholders failed to “raise a reasonable doubt “that a majority of Wayfair’s directors were in such conflict that they could not have exercised their business judgment on behalf of the company …

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