In In re Transkaryotic Therapies, Inc., 2008 WL 2462767 (Del.
DE Court Rules on Deficiencies in Proxy Materials
The Court of Chancery of Delaware recently granted summary judgment to Transkaryotic directors alleged to have breached their fiduciary duties of disclosure (also sometimes referred to as the duty of "candor") and loyalty in connection with Shire Pharmaceuticals' acquisition of Transkaryotic. This article discusses the ground-breaking ruling.
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