Continental Ducks Shareholder Suit Over $313M Oil Asset Buy

Law360, Los Angeles (May 17, 2013, 6:51 PM EDT) -- An Oklahoma federal judge on Thursday dismissed a lawsuit accusing Continental Resources Inc. of withholding information from shareholders about a $313 million oil assets acquisition, ruling that Continental executives didn't breach their fiduciary duties because a proxy statement contained enough information about the deal.

Continental shareholder Louisiana Municipal Police Employees Retirement System argued that the proxy didn't include the projected prices of oil and gas for some of Wheatland Oil Inc.'s assets in North Dakota and Montana, as well as additional projections for Wheatland reserves. Such...
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