Cases
Arkansas Teacher Retirement System vs. New Relic, Inc.
- Corporate Governance / Derivative Action
Overview
Overview
| Status: | Status: Pending |
| Court: | Court: Delaware Chancery Court |
| Case Number: | Case Number: Consol. C.A. No. 2023-1089-SEM |
| Lead Attorneys: | Lead Attorneys: Derrick Farrell, Robert Lackey, Matthew Miller, Erin H. Woods |
Background: On April 5, 2024, Bleichmar Fonti & Auld LLP filed suit in the Delaware Court of Chancery on behalf of the Arkansas Teacher Retirement System, to enforce its demand to examine books and records of New Relic, Inc. under Title 8, Section 220 of the Delaware Code. The Arkansas Teacher Retirement System issued its demand in 2023 to investigate the independence of, and potential wrongdoing by, the New Relic, Inc. board of directors in connection with the company’s acquisition by Francisco Partners and TPG, Inc. The merger closed on November 8, 2023.
BFA’s Role: BFA Represents the Arkansas Teacher Retirement System.
Status: Since issuing the demand, Bleichmar Fonti & Auld LLP has worked to enforce the rights of the Arkansas Teacher Retirement System. This ultimately required filing suit in the Delaware Court of Chancery. The case is currently proceeding before Magistrate in Chancery Selena E. Molina. BFA expects that the action will soon be consolidated with similar actions brought by the Operating Engineers Construction Industry and Miscellaneous Pension Fund, the City of Miami Fire Fighters and Police Officers’ Retirement Trust, and the City of Southfield Fire & Police Retirement System.
BFA’s Role: BFA Represents the Arkansas Teacher Retirement System.
Status: Since issuing the demand, Bleichmar Fonti & Auld LLP has worked to enforce the rights of the Arkansas Teacher Retirement System. This ultimately required filing suit in the Delaware Court of Chancery. The case is currently proceeding before Magistrate in Chancery Selena E. Molina. BFA expects that the action will soon be consolidated with similar actions brought by the Operating Engineers Construction Industry and Miscellaneous Pension Fund, the City of Miami Fire Fighters and Police Officers’ Retirement Trust, and the City of Southfield Fire & Police Retirement System.