The case concerns a dispute over whether a shareholder vote was sufficient to ratify a corporate transaction involving Prometheus Development Company. The court granted the defendants' petition for panel rehearing and withdrew its prior opinion from March 27, 2008. It also granted the defendants' motion to file a reply. The court requested supplemental briefing from the parties on the applicability of the ratification provision in California Corporations Code § 16103(b)(3) to the sufficiency of the vote. Simultaneous briefs are limited to twenty pages and due by June 13, 2008.

business & regulatoryprocedure