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Delaware Court: Facebook’s Zuckerberg to Follow Formalities

In a case of first impression involving Facebook and Mark Zuckerberg, the Delaware Court of Chancery has held that stockholder ratification of an interested transaction, so as to shift the standard of review from entire fairness to the business judgment presumption, cannot be achieved without complying with the statutory formalities in the Delaware General Corporation Law for taking stockholder action. (Hat tip: Delaware Corporate & Commercial Litigation blog.)
 
 

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