Short summaries of case studies are listed below. Clicking on the case study title will provide a more detailed description.
In 2009, Haynes and Boone tried the first case in U.S. corporate history involving a triggered shareholder rights agreement ("poison pill"), in expedited proceedings before the Delaware Chancery Court. The case also involved the first-ever challenge to a poison pill with a low 4.99% shareholding trigger, contained in a device adopted by a corporation for the ostensible purpose of protecting net operating loss carryforwards ("NOLs"). >>
Flowserve Corporation, a world leading manufacturer and aftermarket service provider of comprehensive flow control systems, faced a consolidated federal securities class action lawsuit stemming from stock price drops following its 2002 announcements of lowered-earnings guidance. The Haynes and Boone team successfully demonstrated that plaintiffs’ “true financial condition” standard was erroneous and overbroad. >>
A newly formed hedge fund, which was nominally led by a 27-year-old French national, launched a proxy battle against Haynes and Boone’s client - an independent oil company headquartered in Houston, TX - in an effort to replace three members of the board of directors and to force a quick sale of the company. Haynes and Boone filed a lawsuit alleging that the hedge fund, its principals, and one of its secret “limited partners” violated securities laws in the proxy solicitation process. >>
When Trilogy Software, Inc., a computer programming services and computer software company, spun off its subsidiary pcOrder.com in a public offering, Trilogy was sued in multiple shareholder class actions alleging that initial and secondary stock offering materials and other public filings had misrepresented the dot-com’s prospects. Haynes and Boone pursued a multi-pronged attack in their defense. >>