Roan Investor Seeks Docs On $1B Sale To Citizen Energy
Law360 (December 4, 2019, 4:57 PM EST) -- A Roan Resources Inc. investor filed a suit Wednesday in Delaware Chancery Court seeking records to investigate potential wrongdoing in connection with the oil and gas company's $1 billion pending sale to the private equity-backed Citizen Energy Operating LLC.
Shareholder Christopher Squier asserts he needs the documents to determine if the tie-up proposal is the result of mismanagement and may have been motivated by the self-interest of Roan’s board members and controlling shareholders. Squier said he may consider filing breach of fiduciary duty claims against Roan’s directors.
“The proposed transaction appears to have been driven, in part, by the self-interests of...
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