SandRidge Investor Sues To Make Way For Board Overhaul

Law360, Wilmington (January 8, 2013, 3:19 PM EST) -- A SandRidge Energy Inc. investor launched a class action Monday to block alleged attempts by the oil and gas company's board to entrench itself against a shareholder mutiny over SandRidge's lackluster performance and the top-end pay of its CEO.

With hedge fund TPG-Axon Capital Management LP clamoring to replace the entire board through a consent solicitation, SandRidge’s directors have “manipulated the corporate machinery” to hold onto power, according to a complaint filed by shareholder Jerald Kallick in Delaware Chancery Court.

“[T]he board has violated its fiduciary...
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