In re TPC Group Inc. S’holders Litig.

After TPC Group Inc. announced its acquisition by First Reserve Corporation, SK Capital Partners, and their affiliates (collectively, the PE Group), Plaintiffs, shareholders of TPC, brought a class action against TPC, the TPC’s board of directors, and the PE Group (collectively, Defendants). Plaintiffs’ claims were later mooted, and the Court of Chancery awarded attorneys’ fees for the disclosures resulting from Plaintiffs’ efforts. At issue before the Court was whether Plaintiffs were entitled to attorneys’ fees for the increase in the merger price achieved between the commencement of this litigation and the acquisition’s closing under an amended merger agreement. The Court of Chancery denied Plaintiffs’ application for an award of attorneys’ fees and expenses for the increase in the merger price, concluding that Plaintiffs did not cause the price increase in any way. View "In re TPC Group Inc. S’holders Litig." on Justia Law