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On November 3, 2011, Vice Chancellor Donald F. Parsons, Jr. of the Court of Chancery of the State of Delaware issued a ruling from the bench denying motions by plaintiffs in a purported class action. Plaintiffs brought the action on behalf of the shareholders of C&D Technologies, Inc. ("C&D") after the announcement that its 65% stockholder, Angelo, Gordon & Co., L.P. (“Angelo Gordon”), represented by Simpson Thacher, had sent a letter proposing to acquire all outstanding shares of C&D common stock not already owned by Angelo Gordon and its affiliates. The plaintiffs sought to take discovery on an expedited basis and to enjoin the closing of the transaction.

The plaintiffs challenged the adequacy of disclosure made in C&D’s information statement, which was filed with the Securities and Exchange Commission after C&D and certain affiliates of Angelo Gordon entered into a definitive merger agreement. Vice Chancellor Parsons held that the plaintiffs’ motions should be denied because they failed to make an adequate showing of any colorable disclosure claim, and thus, there was no threat of irreparable harm to the plaintiffs if the motions were denied.

The STB litigation team consisted of Peter Kazanoff and Sarah Dunn.