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SandRidge Energy Inc. (NYSE:SD)Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties

  • If you are a current long term investor in SandRidge Energy Inc. (NYSE:SD) shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
SandRidge Energy Inc.
Security
NYSE: SD

Case Name
SandRidge Energy Shareholder Derivative Lawsuit 01/11/2013
Type of Lawsuit
Stockholder Derivative Action
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Summary

Jan. 15, 2013 (Shareholders Foundation) -- A current investor in shares of SandRidge Energy Inc. (NYSE:SD) filed a lawsuit against the directors of SandRidge Energy Inc. over alleged breaches of fiduciary duties.
The lawsuit against the board of directors over alleged breaches of fiduciary duties follows a recently filed lawsuit against SandRidge Energy Inc. over alleged Securities Laws Violations. According to that complaint the plaintiff alleges that SandRidge Energy Inc. violated the Securities Exchange Act of 1934 by issuing between February 24, 2011 and November 8, 2012 allegedly materially false and misleading statements regarding the Company’s operational status and financial projections.

On November 8, 2012, a large shareholder of SandRidge Energy Inc. issued a letter addressed to the SandRidge Board of Directors calling for the CEO’s resignation, citing, among other things, SandRidge's disastrous performance over 76% decline in its stock price since its initial public offering in 2007.

NYSE:SD shares declined to as low as $5.19 per share on November 14, 2012.

On January 15, 2013, NYSE:SD shares closed at $6.73 per share.