In our October 4, 2018 memorandum, we discussed the first Delaware post-trial opinion finding a Material Adverse Effect (“MAE”) on a merger target’s business. Earlier today, the Delaware Supreme Court affirmed Vice Chancellor Laster’s 246-page post-trial opinion from this October in Akorn, Inc. v. Fresenius Kabi AG et al., C.A. No. 2018-0300-JTL (Del. 2018) (Order).