Activision Blizzard, Inc., et al. v. Hayes, No. 497, 2014 (Del. 2014)
Ross Aronstam & Moritz, together with Wachtell, Lipton, Rosen & Katz, represented the members of a special committee of the Activision Board of Directors in stockholder litigation challenging an approximately $8 billion stock purchase transaction that the special committee negotiated on behalf of Activision and its public stockholders. The Court of Chancery entered a preliminary injunction halting consummation of the stock purchase transaction, holding that it would be a "business combination" for which Activision's charter required public stockholder approval. Following an expedited interlocutory appeal, the Delaware Supreme Court reversed, permitting the transaction to close. Post-closing stockholder litigation then continued in the Court of Chancery and subsequently settled.
