Petco Health & Wellness Co. on Monday attempted to distinguish its controlling stockholder’s veto rights over its board’s ability to hire or fire its CEO from similar provisions struck down earlier this year in a ruling that prompted changes to Delaware’s corporate law amendments.
Petco is a nominal defendant in an investor lawsuit seeking to invalidate a provision in a 2021 stockholder’s agreement giving Scooby Aggregator LP veto rights over leadership changes at the company. Paul Lockwood of Skadden Arps Slate Meagher & Flom, arguing for the companies, said the case “unfortunately” fell under the previous version of the law. ...
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