Ocean Power Technologies Inc. won a preliminary court ruling Thursday in a case challenging a corporate poison pill it allegedly adopted to fend off an activist investment firm seeking board seats.
A Delaware judge, Vice Chancellor Lori W. Will, declined to force Ocean Power to exempt Paragon Technologies Inc. from the pill or let its board nominees stand for election. But Will said she had “some trepidation” about the decision, citing indications that the offshore energy company may have enforced the provision unfairly.
The dispute is part of a growing wave of recent cases in Delaware’s Chancery Court—it’s at ...
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