Background
At a listed investment company, a group of shareholders launched a campaign to remove the incumbent management. Changchun represented the company's incumbent management and took charge of the defense.
What Was at Stake
Control contests at listed companies unfold on many fronts at once — convening extraordinary general meetings, removing and appointing directors, exercising voting rights — and losing ground on any one of them can mean losing control altogether. A fast, comprehensive response across injunctions and litigation was essential.
How Changchun Helped
Acting for the incumbent management of the listed investment company, Changchun (attorneys Jaesun Yoon, Donghwan Shin and Younghoon Jung) responded across the full range of injunctions and suits that can be deployed in a control contest. Specifically, we brought or defended, as the situation required, ▲ injunctions suspending the performance of directors' duties; ▲ injunctions barring the exercise of voting rights; ▲ injunctions confirming shareholder status; ▲ injunctions prohibiting the convening or holding of an extraordinary general meeting; ▲ injunctions staying the effect of shareholders' resolutions; and ▲ applications for the appointment of acting officers, together with the corresponding actions on the merits.
Changchun defended the incumbent management of a listed company against a campaign for control. Because each procedural step in a listed company control contest can determine the company's governance, the case shows that a swift, comprehensive response across injunctions and litigation is essential. (Outcomes depend on the facts of each case and may differ.)