SandRidge Tries To Nix Investor Suit Over $75M Oil Project

Law360, New York (October 7, 2011, 10:00 PM EDT) -- Oil drilling company SandRidge Energy Inc. asked a federal judge on Friday to throw out an investor lawsuit accusing it of misrepresenting the expected returns of a $75 million drilling project, saying the plaintiffs failed to identify the alleged misrepresentations.

In its motion to dismiss, filed in Connecticut federal court, SandRidge further contends that the seven plaintiffs fail to state that their losses were caused by SandRidge and fail to allege scienter.

The plaintiffs brought the suit in August, claiming they were defrauded when they purchased...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.