On July 13, 2020, the Delaware Court of Chancery denied the motions to dismiss of Patrick Bienvenue, Paul Borden, Brian Friedman, Jimmy Hallac, Joseph Steinberg, and Jefferies Financial Group, Inc. ("Jefferies")(collectively, the "Defendants") former directors and/or executives of HomeFed Corporation ("HomeFed"). Plaintiffs, who are former stockholders of HomeFed, filed a class action complaint ("Complaint") which alleges that Defendants breached their fiduciary duties in connection with HomeFed's going-private buyout by its controlling stockholder Jefferies. Specificially, the Complaint alleges, among other things, that Jefferies held improper communications with HomeFed's largest minrotiy stockholders after a special committee of independent directors of HomeFed instructed Jefferies not to have engage in such communications.
A copy of the Court's Opinion can be accessed here.