Andrews & Springer LLC filed a shareholder class action against the former directors of Diamond Resorts International, Inc. (“Diamond Resorts) and its financial advisor Centerview Partners LLC ("Centerview") in connection with its going-private merger with private equity firm Apollo Global Management LLC ("Apollo"). The case was filed in the Delaware Court of Chancery, C.A. No. 12844-VCMR.
The complaint alleges that Diamond Resorts’ Board of Directors breached their fiduciary duties by forming a conflicted strategic review committee (the "Committee") to lead the Committee's negotiations on a sale to Apollo. The Committee was co-chaired by Hope Taitz, a Diamond Resorts director, who had significant ties to Apollo. The Board and Committee also retained Centerview which was simultaneously advising the Committee at the same time it was advising Apollo on the sale of a division of a certain Apollo portfolio company.
Please click here for a copy of the Public Version of the Complaint that was filed on October 26, 2016.