Hatleigh Corp. v. Lane Bryant, Inc. Case Brief
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Case Brief Summary & Legal Analysis
tl;dr: A significant stockholder (Hatleigh) sought Lane Bryant’s stockholder list to solicit proxies. The court granted access, finding a bona fide proper purpose despite a prior denial and arguments of prematurity, and expanded the inspection scope to include beneficial ownership data.
Legal Significance: Reinforces stockholder inspection rights under 8 Del.C. § 220 for a proper purpose (proxy solicitation), clarifying that bona fide intent is key, and establishes that inspection scope includes data like CEDE breakdowns available to the corporation, promoting fairness in proxy contests.
Hatleigh Corp. v. Lane Bryant, Inc. Law School Study Guide
Use this case brief structure for your own legal analysis. Focus on the IRAC methodology to excel in law school exams and cold calls.
Case Facts & Court Holding
Key Facts & Case Background
Hatleigh Corporation, holding 15.3% of Lane Bryant, Inc.‘s stock, made a written demand under 8 Del.C. § 220 to inspect Lane Bryant’s stockholder list. The stated purpose was to communicate with stockholders regarding corporate policy, management performance, potential board representation, and specifically to solicit proxies for the election of directors at the next annual meeting. Lane Bryant acknowledged technical compliance with the statute and that proxy solicitation is a proper purpose. However, it contended the demand was not bona fide, pointing to a prior demand by Hatleigh that was denied by the court for lacking a formed intention to solicit proxies. After the initial denial and a failed attempt to resolve differences with Lane Bryant’s management, Hatleigh’s Board of Directors formally resolved to seek proxies. Lane Bryant argued this decision was merely a strategic response to the earlier court ruling and that the demand was premature, as the annual meeting was several months away. Hatleigh also requested detailed stockholder information, including breakdowns of shares held by CEDE & Co. (a central depository) and magnetic computer tapes.
Court Holding & Legal Precedent
Issue: Did Hatleigh establish a bona fide proper purpose under 8 Del.C. § 220 to inspect Lane Bryant’s stockholder list, and if so, what is the permissible scope of such inspection, particularly concerning CEDE & Co. breakdowns and other corporate data?
Yes, Hatleigh established a bona fide proper purpose to solicit proxies and Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupida
IRAC Legal Analysis
About IRAC analysis
IRAC (Issue, Rule, Analysis, Conclusion) is the structure professors expect in exam answers. Each LSD.Law brief states the issue, the governing rule with citations, the court's application of that rule, and the conclusion - the same reasoning pattern you will use on exams and in practice.
Legal Issue
Did Hatleigh establish a bona fide proper purpose under 8 Del.C. § 220 to inspect Lane Bryant’s stockholder list, and if so, what is the permissible scope of such inspection, particularly concerning CEDE & Co. breakdowns and other corporate data?
Conclusion
This case underscores that a stockholder's statutory right to inspect corporate records Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in volupta
Legal Rule
Under 8 Del.C. § 220(b), a stockholder has the right to inspect Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nost
Legal Analysis
The court found that Hatleigh's Board of Directors' decision on November 5, Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolo
Flash-to-Full Case Opinions
Flash Summary
- A stockholder with a bona fide intent to solicit proxies has