In one of the last Chancery opinions of 2023, Vice Chancellor Lori Will wrote that she anticipated seeing more shareholder litigation challenging Delaware corporations’ advance notice bylaws.
That prediction is now proving true, with an Albertsons shareholder represented by Block & Leviton and Abbott Cooper filing a complaint March 18 that claims the idaho-based grocery store chain’s advance notice bylaw, which set out how stockholders need to provide notice when they plan to nominate a board candidate, “is highly problematic and effectively serves as a deterrent to stockholder nominations.”
