May 23, 2018
Cadwalader led an effort in advising investors Nathan G. Miller and Peter O’Malley, collective holders of approximately 9% of Destination Maternity Corporation (Nasdaq: DEST), in their groundbreaking victory in a proxy contest with Destination Maternity.
After a months-long proxy fight, all four Investor nominees were elected to the Destination Maternity board at the company’s annual meeting of shareholders held in Moorestown, New Jersey on Wednesday, May 23. The Investors’ victory marked a rare achievement: replacing the entire board of directors at a company’s annual meeting. The proxy contest also marks the first time that a majority-female control slate nominated by a dissident shareholder was elected to a company’s board. The three female nominees elected to the board at the annual meeting signals a dramatic shift for the Destination Maternity board, which had previously had only three female directors in its entire twenty-five year history.
The Cadwalader team was led by Corporate partners Richard Brand and Braden McCurrach and included associates Nathan Bryce, Christopher Porcelli, Janet Hsueh and Daniel Shiner; and Litigation partners Jason Halper and Ellen Holloman.