Delaware Chancery Court Accelerates Hearing in Chancery SaaS Buyback Suit

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Broader Corporate Context: Buybacks Under Fire

The Chancery SaaS Buyback Suit echoes a growing trend of shareholder challenges targeting board-approved buybacks that shift corporate power. Another major case pending before Vice Chancellor Paul A. Fioravanti involves T-Mobile US, where a series of $27 billion stock repurchases allegedly allowed Deutsche Telekom AG to gain majority control without proper oversight.

Mody is represented by Daniel E. Meyer, Jeroen van Kwawegen, and Christopher J. Orrico of Bernstein Litowitz Berger & Grossmann LLP, alongside Douglas E. Julie and W. Scott Holleman of Julie & Holleman LLP.

Counsel for Semrush Holdings Inc. and the other defendants has yet to appear in the case.

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A Test Case for Delaware’s Corporate Shield

As Delaware continues redefining the boundaries of fiduciary accountability, the Chancery SaaS Buyback Suit may become a pivotal test of how far “safe harbor” protections extend — and whether corporate boards can use repurchases as stealth vehicles for power consolidation.

In the courtroom and in the boardroom alike, all eyes are now on how far Delaware’s shield will stretch before it cracks.