Power-One Inc.

O’Melveny represented Power-One Inc. and its directors in more than eight shareholder class actions pending in Delaware Chancery Court, Ventura County Superior Court, and the US District Court for the Central District of California challenging Power-One’s US$1 billion merger with ABB Ltd. As is common in merger cases, plaintiffs on both coasts filed actions seeking to enjoin the transaction. We implemented a strategy to stay the California litigation in favor of the Delaware cases, and then managed to moot all of the Delaware plaintiffs’ claims without discovery or contested proceedings. As a result, the Delaware lead plaintiffs voluntarily withdrew their motion for a preliminary injunction. The merger closed in 2013 without any delay or interference.