In Del. Chancery, A Cautionary Tale Of Hacked M&A Payouts | #computerhacking | #hacking


By Gail Weinstein, Brian Mangino and Maxwell Yim (May 10, 2022, 5:30 PM EDT) — When legal counsel’s emails are hacked and a stockholder’s merger consideration is paid to the hackers, who is liable? Take the April 1 Sorenson Impact Foundation v. Continental Stock Transfer & Trust Co. decision.

Computer hackers intercepted the email communications of a law firm involved with the $130 million merger — pursuant to which Tassel Parent Inc. was acquiring Graduation Alliance Inc.

Tassel, the buyer, is a subsidiary of private equity firm Kohlberg Kravis Roberts & Co. LP.

The hackers posed online as two of actual stockholders of Graduation Alliance, the target, and succeeded in having the merger consideration paid to them instead…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS



Original Source link




Leave a Reply

Your email address will not be published.

+ 20 = twenty five