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Court issues temporary restraining order blocking Corteva and Vylor from asset disposals or dividends
VYLRVylor Inc.
A U.S. District Court issued a temporary restraining order enjoining Corteva, Inc., its subsidiary EIDP, and Vylor Inc. from disposing of assets outside the ordinary course of business or paying dividends or repurchasing shares. The order stems from litigation filed by 15 states and one sovereign challenging the October 1 separation of Corteva and Vylor into independent companies. On October 10, the court stayed the order pending an emergency appeal to the Seventh Circuit Court of Appeals. The stay means the injunction is not currently in effect while the appeal is resolved. Vylor contests the legal basis for the litigation and intends to vigorously defend against the claims. Vylor Inc. operates in the agricultural sciences sector, providing crop protection products and seeds.