Shareholder Lawsuit Targets Nevada Moving Plans: Delaware Brief

GPGI Shareholder Targets Nevada Move

A shareholder suit in Delaware’s Chancery Court targets GPGI’s planned corporate relocation to Nevada, Mike Leonard reports.

A GPGI investor alleged that the maneuver, which will get a shareholder vote, was announced only after the investor demanded deal-related documents from the company, a move that often foreshadows fiduciary breach claims.

The lawsuit also accused GPGI insiders of scheming to siphon value by spinning off a separate entity that’s exploiting its de facto corporate control to raise its own management fees through an acquisition binge.

The investor is suing Resolute Holdings Management and its directors, ...