Shareholders Hit NEGI With Derivative Class Action

Law360, New York (February 7, 2008, 12:00 AM EST) -- National Energy Group Inc. disclosed Thursday that it has been hit with a shareholder derivative and class action lawsuit related to the company's November 2006 sale of its noncontrolling 50% membership interest in NEG Holding LLC.

The lawsuit, filed in the Delaware Court of Chancery, names NEGI as a nominal defendant and Icahn Enterprises LP, which owns 50.1% of the company's stock, as an additional defendant. The suit also names current and former executives Robert G. Alexander, Jon F. Weber, Robert J. Mitchell, Jack G. Wasserman...
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