Figure 4
The 2024–2026 statutory-reform cycle.
Twelve anchor events from Tornetta I through Gusinsky — twenty-six months (Jan. 2024 through Mar. 2026) of state-law repositioning.
Jan 30 2024
Tornetta I
Chancery rescinds
2018 plan
Jun 13 2024
Tesla TX vote
Reincorporation
+ plan ratification
Dec 2 2024
Tornetta II
Rescission re-confirmed
$345M fee award
Feb 17 2025
DE SB 21 introduced
Retroactivity cutoff
locked at this date
Mar 25 2025
DE SB 21 signed
Gov. Meyer
85 Del. Laws ch. 6
May 14 2025
TX SB 29 effective
Controller framework
+ director protections
May 30 2025
NV AB 239 signed
Gov. Lombardo
§ 78.240(3) on signing
Sep 1 2025
TBOC + HB 40
§ 21.373, § 21.552,
ch. 6A, biz-court expansion
Nov 17 2025
SEC 14a-8 Statement
DivCorpFin reverts to
stricter (i)(7)/(i)(5)
Dec 19 2025
In re Tesla reversal
Del. S. Ct. reinstates 2018
plan; 4× lodestar fee
Feb 27 2026
Rutledge v. Clearway
SB 21 upheld; Art. IV § 10
does not freeze equity
Mar 17 2026
Gusinsky v. Reynolds
N.D. Tex.: first § 21.552
federal application
LEGEND
Delaware
Texas
Nevada
Federal (SEC)
Twenty-six months between Tornetta I (Jan. 30, 2024) and Gusinsky (Mar. 17, 2026). Six of the twelve events sit in Delaware; three in Texas; one in Nevada; one at the SEC; one is the cross-jurisdiction Tesla TX vote.
Figure 5
Where the 2024–2026 cycle is being litigated.
Institutional-venue map — specialized state courts plus the federal layer.
Delaware
Nevada
Texas
TRIAL FORUM
Court of Chancery
Est. 1792
Tornetta I (Jan 30 2024)
Tornetta II (Dec 2 2024)
Rutledge certification
(May 2025)
APPELLATE FORUM
Delaware Supreme Court
En banc review
In re Tesla reversal
(Dec 19 2025)
Rutledge v. Clearway
(Feb 27 2026)
CASELOAD SIGNATURE
Heavy controller-conflict
+ § 220 docket
SB 21 retroactively governs
all post-Feb 17 2025 filings
TRIAL FORUM
Business Court division
Eighth Judicial District
(est. 2000) + Second
Judicial District (Washoe)
Charter-flexibility cases
Post-AB 239 controller actions
APPELLATE FORUM
Nevada Supreme Court
Discretionary appellate
review
No post-AB 239 controller
opinions reported as of
May 2026
CASELOAD SIGNATURE
Lighter docket
§ 78.138 + § 78.240(3)
raise pleading bar
Most disputes resolved at
trial-court stage
TRIAL FORUM
Texas Business Court
Created HB 19 (88R);
effective Sep 1 2024
Expanded HB 40 (89R)
Sep 1 2025
Eleven divisions; $5M threshold
§ 21.552 standing disputes;
controller-ratification challenges
APPELLATE FORUM
Fifteenth Court of Appeals
Created HB 19
Dedicated business-court
appellate review
Routes around district-court
CASELOAD SIGNATURE
Emerging
§ 21.552: up-to-3% only
screens out non-institutional
plaintiffs at the door
FEDERAL LAYER
N.D. Tex. · Gusinsky v. Reynolds (Mar 17 2026)
First § 21.552 federal application; Erie-style substantive standing requirement; dismissal
of 100-share Southwest Airlines derivative complaint (Kinkeade, J.).
SEC Div. Corp. Fin. · Nov 17 2025 Rule 14a-8 Statement
Stricter (i)(7) / (i)(5) posture per SLB 14M (Feb. 12, 2025) which rescinded SLB 14L;
no rule amendment, but a current-season practice shift.
Source pages: Delaware Court of Chancery ; Delaware Supreme Court ; Nevada Business Court division (8th Judicial District) (Clark County Bar Ass'n overview) ; Texas Business Court ; Fifteenth Court of Appeals .