Arena Shareholders Sue Over $6.2B SandRidge Merger

Law360, New York (April 26, 2010, 6:52 PM EDT) -- Arena Resources Inc. stockholders have sued the company and its board of directors over its proposed sale to oil and gas exploration company SandRidge Energy Inc., saying the $6.2 billion deal significantly undervalues the company and harms its investors.

Shareholder Thomas Stevenson lodged the putative class action complaint Monday in the U.S. District Court for the Northern District of Oklahoma, accusing the company and its officers, including chairman Lloyd Rochford, of breaching their fiduciary duty to stockholders by failing to maximize shareholder value and make certain...
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