Central Laborers Pension Fund v. News Corp.

Central Laborers instituted this action under Section 220 of the Delaware General Corporation Law, Del. Code Ann. tit. 8, section 220, to compel News Corp. to produce its books and records related to its acquisition of Shine. The court held that Section 220 permitted a stockholder to inspect books and records of a corporation if the stockholder complied with the procedural requirements of the statute and then showed a proper purpose for the inspection. Section 220 required a stockholder seeking to inspect books and records to establish that such stockholder had complied with the form and manner of making demand for inspection of such documents. Central Laborers had not made that showing. Because Central Laborers' Inspection Demand did not satisfy the procedural requirements of Section 220, it did not establish its standing to inspect the books and records of News Corp. On that basis alone, and without reaching the issue of proper purpose, the court affirmed the judgment. View "Central Laborers Pension Fund v. News Corp." on Justia Law