Mergers & Antitrust Law News

Wanu Water Founder Loses Conspiracy Claims Against Board Member

Feb. 18, 2020, 4:08 PM

The founder of Wanu Water Inc. can’t proceed with claims against a former board member for allegedly improperly attempting to seize control of the company after the Delaware Chancery Court found insufficient evidence of a conspiracy.

Emails sent by former board member, Sheldon Coleman, to stockholders suggesting they ask founder Todd O’Gara to step aside from all operations of Wanu and relinquish his seat on the board don’t show he acted in a conspiracy with the other board members to commit an unlawful act, the court said.

They instead support a reasonable inference that the board members were concerned about...

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