Large energy company defends against claims for breaches of fiduciary duty and unjust enrichment relating to acquisition

Client(s) Large energy company

Jones Day represents a large energy company and certain of its subsidiaries in a shareholder derivative action arising from the acquisition of the commercial and industrial solar business from a residential solar company. A stockholder alleges that the energy company and two of its subsidiaries breached their fiduciary duties as controlling stockholders of the solar company and that the energy company was unjustly enriched by the purchase of the business. The plaintiff also asserts claims for breach of fiduciary duty against the solar company's directors who negotiated and approved the sale of the business.