Contract Claims Stay Put In GeoResources Investor Row

Law360, New York (October 22, 2013, 3:59 PM EDT) -- A New York appeals court refused to toss breach of contract claims in an investor suit alleging oil and gas company GeoResources Inc. unilaterally diluted warrants to buy its stock in 2009 and 2011, saying Tuesday that the plaintiffs have enough evidence to proceed with discovery.

A four-judge panel of the New York appellate division affirmed a lower court’s refusal to dismiss breach-of-contract and specific performance “cause of action” claims, saying it’s premature to boot them while discovery is being conducted.

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