Olshan Secures Trial Victory in Delaware Court for Stockholders Seeking Stockholder List

In March 2025, Olshan secured a complete victory at trial for three stockholders of Ionic Digital, Inc. (“Ionic”) who sought a stockholder list pursuant to 8 Del. C. § 220 to run a proxy campaign at Ionic’s 2025 Annual Meeting. Ionic claimed that these stockholders only sought the list to convey benefits to non-stockholders with commercial interests who were providing financial support for the proxy campaign. After a one-day trial, Vice Chancellor David of the Delaware Court of Chancery found that each plaintiff sought the stockholder list for the proper purpose of seeking board change and required Ionic to immediately turn it over. This important decision reaffirms that third-party financial support does not disqualify a stockholder with a proper purpose from receiving a stock list. Olshan’s Litigation Chair Lori Marks-Esterman and Litigation Partner Adrienne Ward led the case, with support from counsels Jacqueline Ma and Daniel Stone.