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Simpson Thacher successfully secured a motion for summary judgment in a case brought against Bumble Inc. (“Bumble”), Whitney Wolfe Herd and Blackstone by Kristyn Colon on behalf of similarly situated Class A shareholders. The Plaintiff challenged the legality of certain stockholder voting right provisions in Bumble’s corporate charter. On September 12, 2023, the Court of Chancery of the State of Delaware granted Bumble’s motion for summary judgment and sided with the Defendants in the case.

In a September 16, 2022 complaint, Plaintiffs challenged two provisions in Bumble’s certificate of incorporation that stated that each share of Class A and Class B Common Stock will carry one vote per share, unless the share is owned by a “Principal Stockholder,” in which case it will carry ten votes per share. The Principal Stockholders are defined as parties to a publicly disclosed stockholders agreement. The Plaintiff alleged this amounted to “identity-based voting” which violated Sections 212(a) and 151(a) of the Delaware General Corporation Law (“DGCL”), and sought a declaration that the challenged provisions are invalid. Simpson Thacher filed a motion for summary judgment on behalf of Bumble. In his September 12, 2023 decision, Vice Chancellor Laster noted that Plaintiffs’ allegations “cannot overcome the plain language of the DGCL,” agreeing with Defendants’ arguments and holding that the challenged provisions comply with Delaware law and are valid.

The team received a “Shout Out” in The American Lawyer’s “Litigator of the Week” coverage.

The Simpson Thacher team included Jonathan Youngwood, Craig Waldman and Daniel Lutfy.