Jenner & Block

Firm Client Wins Approval to Move Stakeholder Dispute to Trial

The firm won a victory for QuietAgent, Inc., a minority stakeholder of the job recruitment services company Findly Talent, LLC.  QuietAgent contends that financial transactions made by a private equity firm that is the controlling stakeholder in the company were unfair and detrimental to the company and minority stakeholders.  In a derivative suit filed in 2015, QuietAgent seeks damages to remedy what it contends were, among other things, abuses of control by Symphony Technology Group (STG), the controlling stakeholder, among others.  Defendants argued that QuietAgent failed to show that its claims should proceed to trial.  However, on January 3, 2019, a Delaware vice chancellor agreed with QuietAgent and refused to dismiss the claims against STG, ruling that QuietAgent’s claims for breach of fiduciary duties and aiding and abetting breaches of fiduciary duties stated valid claims for legal relief.  A trial is scheduled for March.  The team representing QuietAgent includes Partners Matthew R. Devine and Precious S. Jacobs as well as Associates Amit B. Patel and Bethany H. Felder and Paralegal Casey J. Gioielli.  News of the vice chancellor’s decision was reported by Law360.