On May 30, 2018, Vice Chancellor Slights approved the proposed settlement of John Solak v. Clovis Oncology Inc. The Vice Chancellor recognized that the action filed by Cooch and Taylor had helped secure upwards of $10 million of benefits for the Clovis Oncology stockholders, noting that the "plaintiff has achieved significant benefits for Clovis and its stockholders."
Cooch and Taylor, with its co-counsel Newman Ferrara LLP, filed the action in May 2017, alleging that the company's directors breached their fiduciary duties and were guilty of corporate waste and unjust enrichment. The complaint explained that the directors had approved nonemployee director compensation that was approximately 2.2 times the average for a Fortune 50 company, despite the fact that Clovis is a small cap company.
As a result of Plaintiff's efforts, the company agreed to a new compensation plan that limits nonemployee director compensation and that will save the company (and its stockholders) millions of dollars.