Title: In re MSG Networks Inc. Stockholder Class Action Litigation, No. 2021-0575-KSJM
Court: Delaware Court of Chancery
Wolf Popper LLP is Co-Lead Counsel in a consolidated action on behalf of the former public stockholders of sports media company MSG Networks Inc., whose shares were extinguished as part of a July 2021 transaction whereby MSG Networks merged into an affiliated entity, Madison Square Garden Entertainment Corp. (NYSE: MSGE). Under the terms of the merger, stockholders received 0.172 shares of MSG Entertainment common stock for each share of MSG Networks common stock they held.
The Complaint filed by Wolf Popper alleges, among other things, that members of the Dolan family, led by MSG Networks Executive Chairman James L. Dolan, violated their fiduciary duties when they utilized their control of both companies and their respective boards of directors to effectuate a merger that provided grossly inadequate consideration to MSG Networks stockholders. The Complaint further alleges that the MSG Networks directors who recommended the merger labored under disabling conflicts of interests and were beholden to the Dolans.
For further information about this case, please contact the following attorneys:
Carl L. Stine
Adam J. Blander
Wolf Popper LLP Appointed Co-Lead Counsel in Class Action Challenging MSG Networks Inc. Merger
By Order dated September 27, 2021, Chancellor Kathaleen St Jude McCormick of the Delaware Court of Chancery appointed Wolf Popper LLP as Co-Lead Counsel to prosecute the consolidated action titled In re MSG Networks Inc. Stockholder Class Action Litigation, No. 2021-0575-KSJM. This breach of fiduciary duty action alleges, among other things, that the Dolan family, which controls sports media company, MSG Networks, Inc., used its control of the company to effectuate a merger with an affiliated entity that grossly undervalued MSG Networks, to the detriment of the company's public stockholders.
Read more about the Chancellor’s Order here.