Seinfeld v. Verizon Communications, Inc.

909 A.2d 117 (Del. 2006)

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Nature of the Case

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Facts

P brought suit under section 220 of the Delaware General Corporation Law to compel D to produce, for inspection, its books and records for compensation of D's three highest corporate officers from 2000 to 2002. P claimed that the compensation given was waste. D moved for summary judgment, and it was granted. P had failed to establish a credible basis from which the Court of Chancery could infer there were legitimate issues of possible waste, mismanagement or wrongdoing that warranted further investigation. P appealed claiming that such a burden of proof erects an insurmountable barrier for minority shareholder of a public company.