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generator: CYDY's case is venued (filed) in the U.

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Post# of 154105
(Total Views: 684)
Posted On: 08/17/2021 9:21:24 AM
Posted By: Jake2212
Re: generactor #100438
generator: CYDY's case is venued (filed) in the U.S. District Court for the District of Delaware, not the Delaware Court of Chancery (which is a Delaware state court). However, Judge Noreika is giving the case the same type of expedited handling you have referenced due to the timing involved (drop dead date) in the Oct 28 shareholders election of directors.

As an aside, I also want to clarify my reference in my post from late last night to Judge Noreika being bound by precedents from the Delaware Supreme Court. That would be true only with respect to the narrow issue of whether cures to violations of a Delaware corporation's bylaws (CYDY is a Delaware corporation) regarding board of directors nominating notices mandate the granting of a motion to dismiss the complaint. (This is because Judge Noreika is obligated to apply Delaware state law to substantive legal issues that fall under state law.). Otherwise, she would be applying substantive federal law regarding SEC rules and procedural federal law regarding motions to dismiss brought under rule 12(b)6 of the Federal Rules of Civil Procedure. That is where binding decisions of the 3rd Circuit Court of Appeals could come into play. Yes, it's complicated.


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