Morning Agenda: Lawyers in Line of Fire at Delaware Courts
ByLAWYERS IN LINE OF FIRE AT DELAWARE COURTSFirst investment banks came under fire for the roles they played in billion-dollar buyouts, and now there is a case that could extend liability to the lawyers in buyouts, Steven Davidoff Solomon writes in Deal Professor.
The complaint arose from the $2.2 billion buyout of the ExamWorks Group, which contends that lawyers at Paul Hastings, a law firm in Los Angeles, were in cahoots with management and the investment banks to sell the company at a below-market price. ExamWorks, a medical examination company, vigorously denies this.
Daytona Beach Police and Fire Pension Fund, a shareholder of ExamWorks, is suing the company’s directors, as well as the private equity firm leading the buyout, Leonard Green & Partners. It says Paul Hastings failed to run the process appropriately…
Morning Agenda: Lawyers in Line of Fire at Delaware Courts
