Sheadrick Richards v. Shipwright Spac I, LLC

Summary

The Supreme Court of Delaware affirmed the Court of Chancery's dismissal of Sheadrick Richards' breach of fiduciary duty and unjust enrichment claims as time-barred. Relying on its June 15, 2026 order in Reilly v. Horn, the court held that both claims accrued on March 11, 2021, when Collective Growth Corp. disseminated the allegedly misleading proxy statement, placing Richards on inquiry notice; his March 28, 2024 filing came after the three-year limitations period expired. The court rejected Richards' argument that his claims rested on affirmative misstatements rather than omissions, because the proxy supplied every fact underlying his net-cash-per-share theory and timely inquiry would have uncovered the rest. No separate writings were issued.