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The current proposal has spurred pushback well beyond the norm, with 50 law professors sending a letter to legislators urging them to reconsider passing the bill and instead leave the questions raised by Moelis to be addressed on appeal by the Delaware Supreme Court.        

The firm first announced its strategy for expansion in the U.S. in late 2019, via combinations with a firm in Pittsburgh and another in the Midwest. Three more followed, but the last addition was over three years ago.        

“[I said] ‘it’s not worth $27 to fight this—I’ll just pay it and let it stop,’ but it never did,” said Jerry Ray, who had worked as a painting contractor and project manager for the firm in Winston-Salem since the 1990s.        

Federal Judge Mark Pittman ruled the case became moot after Arjuna Capital promised to withdraw the climate change shareholder proposal that had spurred the lawsuit and to never submit anything similar again.        

The suit claims the global security company has failed to disclose integral financial information to enable current shareholders assess the value of their holdings pre vs. post-sale.