SRE Shareholders Sue GridPoint Over $80M Deal

Law360, New York (April 19, 2011, 8:09 PM EDT) -- Standard Renewable Energy LP shareholders sued GridPoint Inc. in a Texas state court on Monday over the renewable energy company's $80 million acquisition of SRE, alleging GridPoint misrepresented its financial situation at the time the offer was made.

The suit was filed by designated partners' representative John White. It names GridPoint CEO Peter Corsell and 12 GridPoint board members as co-defendants alongside the company.

Shareholders claim the defendants violated Texas securities laws and the Texas Business and Commercial Code. They also allege common law fraud and...
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