Grimm filed a motion for summary judgment on June 5, 2014, arguing that he stated a proper purpose in the Demand and that he therefore was entitled to inspect all the demanded books and records.
The parties were unable to reach a negotiated resolution and this action followed. Grimm to "plead particularized facts should elect to pursue litigation against or any of its officers or board members in connection with the Financing." In response to the Demand, Stem indicated it was willing to provide some books and records to Mr.
RICHARD GRIMM VS STEM INC SERIES
The stated purposes for the inspection were to (1) obtain information regarding the 2013 Series B Preferred Stock and Warrant Financing (the "Financing"), (2) obtain "information necessary to an election to participate in the Rights Offering component of the Financing," and (3) obtain information to permit Mr. Grimm made a demand (the "Demand") to inspect certain books and records of Stem, Inc ("Stem"). For the reasons that follow, I decline to revise my draft report.Ī brief background may be helpful. Grimm's motion for summary judgment under an assumption that the stated purpose was proper. Grimm contends the relief he seeks is warranted because the company permitted the Court to resolve Mr. Grimm argues that he is entitled to an order of this Court finding that the stated purpose in the Demand was proper. Grimm"), filed a limited exception to a draft oral report I issued in this books and records proceeding under 8 Del.
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