Legal News

If you’re new to Texas, you’re not the first from California to sing about it. In their 1964 album, The Beach Boys sang about being a “Long Tall Texan.” Nowadays, there’s a lot more about moving to Texas than just singing a song....By: Gray Reed

In these unprecedented times, every bit of revenue is critical to the continued operation of nearly every business operating within the construction industry. Fortunately, there are a myriad of remedies to aide collection efforts....By: Gray Reed

The Lillian Corporation purchases a vacant and dilapidated office building with plans to demolish it and build luxury condos. Only one thing stands in the way: a mural on the side of the building painted years earlier by a well-known local artist, Phillip Semenko....By: Gray Reed

On August 25, 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments to the definition of “accredited investor” in Rule 501 promulgated under Regulation D of the Securities Act of 1933. Historically, individual investors who do not meet specific income or net worth tests have been denied many opportunities to invest in private equity transactions regardless of their financial sophistication....By: Gray Reed

California Assembly Bill 929 (the “Diversity Bill”), which was passed by the California State Legislature on August 30, 2020, and signed into law by California Governor Gavin Newsom on September 30, 2020, requires domestic and foreign publicly held corporations headquartered in California to include people from underrepresented communities on their boards of directors....By: Gray Reed

The Small Business Administration (SBA) issued a Procedural Notice  on October 2, 2020, detailing required procedures impacting Paycheck Protection Program (PPP) borrowers and lenders if: (i) twenty percent or more of the common stock or other ownership interest of the PPP borrower (an Equity Interest), including a publicly-traded entity, is sold or otherwise transferred, whether in one or more transactions since the date that the PPP loan was approved......By: Gray Reed

McDonald’s Corporation (“McDonald’s”) is facing two high-profile lawsuits involving allegations of race-based discrimination against franchisees and executives....By: Gray Reed

McDonald’s Corporation (McDonald’s) sued its former Chief Executive Officer, Steve Easterbrook, in August 2020 in an effort to force him to repay the $40 million in severance and equity awards provided to him when the company terminated his employment....By: Gray Reed

The Delaware Court of Chancery (the Court) in In re Homefed Corporation Stockholder Litigation chronicles a controlling stockholder’s failed attempt to use the protections outlined in Kahn v. M & F Worldwide Corp. (MFW) to qualify for a business judgment review of its going-private, minority stockholder buyout....By: Gray Reed

On a matter of first impression, the Delaware Court of Chancery (the Court) found in In re WeWork Litigation that corporate officers of a Delaware corporation may not unilaterally deny a director of a corporation access to communications with company counsel or outside counsel based on the premise that such communications are privileged....By: Gray Reed