From our private database of 35,400+ case briefs...
In re VAALCO Energy Shareholder Litigation
Delaware Court of Chancery
CA No. 11775-VCL (2015)
VAALCO Energy, Inc. had a classified board of directors. The company’s charter and bylaws stated that directors could be removed only for cause. In 2009, VAALCO amended the structure of its board elections, declassifying the board so that the entire board was up for election at the same time. The board was elected by straight voting. A group of shareholders (Group 42) (plaintiff) announced that it planned to remove VAALCO’s directors at a special shareholders’ meeting. The announcement stated that the shareholders could do this in spite of the charter and bylaws, based on section 141(k) of the Delaware General Corporation Law. Section 141(k) gave shareholders the right to remove any director, with two exceptions: a corporation with a classified board, and a board elected via cumulative voting. VAALCO asserted that the charter and bylaws controlled and that the directors could not be removed without cause. Group 42 brought suit.
Rule of Law
Holding and Reasoning
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 617,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead our student testimonials
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.Learn about our approachRead more about Quimbee
Here's why 617,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 35,400 briefs, keyed to 984 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.