A WilmerHale team led by partners Michael Bongiorno and Timothy Perla, along with another firm, represented the maker of home-delivered meal kits for consumers. On March 18, 2020 Delaware’s high court ruled that state law allows corporations to adopt charter provisions that require some securities lawsuits to be litigated in federal courts, overruling a lower court. Stitch Fix Inc. and Roku Inc. joined Blue Apron in the appeal.
As Jenna Greene, the article’s author wrote in her Daily Dicta column: “The ruling—which reversed the lower court’s holding – is a big deal for pre-IPO companies. It gives them a way to avoid litigating potentially duplicative suits brought under Section 11 of the Securities Act of 1933 in state courts, where results tend to be more inconsistent—and less favorable to the companies.”
Her piece quoted Mr. Perla: “We are very pleased with the Supreme Court’s decision, which confirms that Delaware law allows corporations to adopt innovative corporate governance provisions.”