Chancery Tosses Claims Over $100M Sanchez Energy Deal
Law360, Wilmington (November 25, 2014, 9:23 PM EST) -- A Delaware Chancery judge on Tuesday threw out derivative claims that Sanchez Energy Corp. overpaid in an allegedly inside $100 million deal for oil and gas rights to the Tuscaloosa Marine Shale, ruling the suing shareholders didn’t make a pre-suit demand on the board nor show why they couldn’t.
In a 31-page opinion, Vice Chancellor Sam Glasscock III wrote that the lawsuit “tests the limits of our pleading requirements,” and that the shareholders didn’t plead adequate facts to show the board was too conflicted to fairly consider their derivative claims and didn’t pursue information through an avenue such as a books...
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