Donald J. Roberts IRA, et al. v. Phillip H. McNeill, Sr., et al.

This is an interlocutory appeal from a class certification. The named plaintiffs, former owners of preferred stock in Equity Inns, Inc., filed a class action against the company’s former directors. Their amended complaint asserted breaches of the fiduciary duties allegedly owed to the preferred shareholders during the negotiation and approval of a merger. The trial court granted the plaintiffs’ motion for class certification with respect to “[a]ll holders of Equity Inns preferred stock as of June 21, 2007.” We vacate and remand for further consideration.