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    Qualification Of Offers And Sales Of Non-Voting Common Stock Is No Snap In California

    In March, Snap Inc. announced that it and the selling stockholders had sold of 230 million shares of Class A Common Stock to the public at an initial public offering price of $17.00 per share.  The gross proceeds of the offering to the company and...

    California Securities Laws, 10 CCR Section 260.140.1, non voting common stock, NYSE, preemption, Section 25100(o), Bernard Sharfman, Hazel Bradford, Snap Inc., Stephen Bainbridge

    California And Van Gorkom

    As a corporate lawyer, it is hard to ignore the Delaware Supreme Court's opinion in Smith v. Van Gorkom, 488 A.2d 858 (1985) overruled on other grounds Gantler v. Stephens, 965 A.2d 695 (Del. 2009).  Professor Stephen Bainbridge has called it "one...

    Corporate Governance, 102(b)(7), 204(a)(10), Bayless Manning, Bernard Sharfman, Gantler v. Stevens, Katz v. Chevron, Smith v. Van Gorkom, Stephen Bainbridge