Oil Field Developer Asks For Dismissal Of Investor Action

Law360, New York (February 13, 2012, 3:01 PM EST) -- Petroleum Development Corp. asked a California federal judge Friday to dismiss an investor class action against it, arguing it didn't shortchange the investors when it bought back their stakes in Colorado oil properties to be developed.

The action alleges Petroleum Development underpaid investors when it bought out their stakes in limited partnerships tied to the development of oil and gas properties in Colorado, by undervaluing the properties.

The company said in court papers filed Friday that it had disclosed more than information in proxy statements to...
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