Dropbox’s Move Prompts Challenge to Delaware Corporate Overhaul

A pension fund suing Dropbox Inc. over its recent shift to Nevada brought the first court challenge Thursday to last month’s bitterly contested overhaul of Delaware corporate law.

The shareholder lawsuit targeting the tech company’s relocation comes two months after news of the move turbocharged fears of a corporate exodus from Delaware—home to two-thirds of Fortune 500 companies, which fund more than a quarter of the state budget with billions in fees. The court complaint is under seal, but a public filing indicates it takes direct aim at both the reincorporation and the controversial legislation that took effect March 25 ...