March 01, 2022
Mayer Brown secures dismissal of shareholder class action for Noble Energy
A team of Mayer Brown securities litigators prevailed in a shareholder class action, Stephanie Galindo, et al. v. David L. Stover, et al., in the Delaware Court of Chancery on behalf of the former directors of Noble Energy, Inc.
In 2020, Noble Energy, an oil and gas company, merged with Chevron Corporation, following a collapse in the industry as a result of the COVID-19 pandemic and a price war between Saudi Arabia and Russia. The plaintiffs claimed that, by approving the merger, nine of Noble’s directors breached their fiduciary duties. Mayer Brown filed a motion to dismiss on behalf of the directors.
On January 26, 2022 the court granted our motion and dismissed the case with prejudice. It held that Noble’s shareholders cast a fully informed vote to approve the merger, and that this vote “cleanse[d] any breach of fiduciary duty” on the part of Noble’s directors. The dismissal became final today.
The cross-office securities litigation team included partners Robert Harrell and Charles Kelley (both Houston), Joe De Simone and Mike Rayfield and associates Nathan Blevins and Max Fiest (all New York).
In 2020, Noble Energy, an oil and gas company, merged with Chevron Corporation, following a collapse in the industry as a result of the COVID-19 pandemic and a price war between Saudi Arabia and Russia. The plaintiffs claimed that, by approving the merger, nine of Noble’s directors breached their fiduciary duties. Mayer Brown filed a motion to dismiss on behalf of the directors.
On January 26, 2022 the court granted our motion and dismissed the case with prejudice. It held that Noble’s shareholders cast a fully informed vote to approve the merger, and that this vote “cleanse[d] any breach of fiduciary duty” on the part of Noble’s directors. The dismissal became final today.
The cross-office securities litigation team included partners Robert Harrell and Charles Kelley (both Houston), Joe De Simone and Mike Rayfield and associates Nathan Blevins and Max Fiest (all New York).
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