Next Generation Bar Exam Quiz
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BUSINESS ASSOCIATIONS AND RELATIONSHIPS
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Sofia, a director of Atlas Gaming, votes to approve the acquisition of a data analytics startup. Before voting, she receives a 40-page due diligence memorandum prepared by Atlas's CFO and outside M&A counsel. The memorandum concludes that the startup's patents are valid and earnings projections are reasonable. Sofia reads only the executive summary and relies on the memorandum. The deal later fails because one of the startup's key patents had been invalid and the projections ignored a major new competitor; none of this was apparent from the memorandum. Shareholders sue Sofia for breach of duty of care.
Is Sofia likely to be personally liable?
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