Court of Chancery of Delaware May 2, 2001, C.A. 13284 (In Re Sunstates Corp. Shareholder Litigation)

OPINION

LAMB, Vice Chancellor.

I.

Count II of the Amended Complaint is brought as a class action on behalf of the owner of shares of Sunstates Corporation $3.75 Preferred Stock. The complaint alleges that, between 1991 and 1993, and in violation of its certificate of incorporation, Sunstates purchased shares of its common and Preferred Stock when it was in arrears on the Preferred Stock dividend.