CVR Investors Drill Icahn With Suit Over 'Unfair' Share Grab

Law360, Wilmington (June 6, 2012, 8:36 PM EDT) -- CVR Energy Inc. investors launched a putative class action in Delaware court Tuesday accusing majority stakeholder Carl Icahn and his handpicked board of pressuring minority shareholders in an unfair play to acquire the oil refiner's outstanding stock at cut-rate prices.

Icahn recently upped his stake in the Texas-based petroleum company to 80 percent and supplanted hostile directors with his own appointees.

The suit alleges that the mogul and his newly subservient board have since breached their fiduciary duties to the shareholders, who must now either sell...
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