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Melzer v. CNET Networks, Inc. Case Brief Summary | Law Case Explained

Get more case briefs explained with Quimbee. Quimbee has over 36,700 case briefs (and counting) keyed to 984 casebooks ► https://www.quimbee.com/case-briefs-o... Melzer v. CNET Networks, Inc. | 934 A.2d 912 (2007) Shareholders are part owners of corporations and, as such, are entitled to certain rights and privileges. For example, a shareholder is entitled to inspect the corporation’s books and records. But is that right unlimited, or does it only apply to certain records? That was the question facing the Delaware Court of Chancery in Melzer versus CNET Networks. Martin Melzer and other shareholders of CNET Networks filed a derivative suit against CNET in federal district court. The shareholders alleged that CNET's directors breached their fiduciary duties by either backdating stock options or receiving backdated options. CNET moved to dismiss on the grounds that the shareholders failed to adequately plead demand futility, as was required to maintain a derivative action. The district court granted CNET's motion. However, the court also granted the shareholders leave to amend their complaint to replead demand futility and issued a stay pending a demand to inspect CNET’s books and records. In the stay order, the district court judge requested that CNET expedite and cooperate with the inspection. The shareholders sent a demand letter to CNET requesting to review certain books and records. CNET didn’t comply with the request. The shareholders commenced an action in the Delaware Court of Chancery to compel inspection. CNET agreed to allow the shareholders to review some of the documents. However, it disagreed with the scope of the review. Specifically, CNET objected to the shareholders’ request to inspect documents that predated their purchase of CNET stock. The court of chancery considered the shareholders’ motion to compel disclosure. Want more details on this case? Get the rule of law, issues, holding and reasonings, and more case facts here: https://www.quimbee.com/cases/melzer-... The Quimbee App features over 36,700 case briefs keyed to 984 casebooks. Try it free for 7 days! ► https://www.quimbee.com/case-briefs-o... Have Questions about this Case? Submit your questions and get answers from a real attorney here: https://www.quimbee.com/cases/melzer-... Did we just become best friends? Stay connected to Quimbee here: Subscribe to our YouTube Channel ► https://www.youtube.com/subscription_... Quimbee Case Brief App ► https://www.quimbee.com/case-briefs-o... Facebook ►   / quimbeedotcom   Twitter ►   / quimbeedotcom   #casebriefs #lawcases #casesummaries