Texas Court Revives Investor’s Suit Over $2.6B Gas Co. Sale

Law360, New York (March 9, 2012, 7:02 PM EST) -- A Texas appeals court on Friday reversed for the second time the dismissal of an investor’s suit claiming he sold his shares in Chief Holdings LLC two years before the gas exploration company sold for $2.6 billion because its founder hid the lucrative possibilities of horizontal drilling.

In an opinion issued on rehearing, the Court of Appeals for the First District of Texas said Robert B. Allen’s lawsuit against Chief Holdings LLC founder Trevor Rees-Jones, who sold the company to Devon Energy Production Co. LP for...
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