Gulfport Wins Dismissal Of Suit Over Rights Offering

By Christie Smythe

Law360, New York (January 19, 2010, 7:07 PM ET) -- A Delaware judge has thrown out a shareholder derivative suit alleging Gulfport Energy Corp.’s directors engineered a rights offering at an artificially low price in order to trigger certain provisions allowing them to acquire stock at better terms than other investors.

Vice Chancellor John W. Noble of the Delaware Chancery Court on Thursday dismissed the case brought by boutique investment firm Robotti & Co. LLC on the grounds that the firm failed to allege the directors profited at the expense of shareholders or that they were...
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