SHAREHOLDER ALERT: Morgan & Morgan announces investigation of Sandridge Energy
(NYSE:SD) and whether senior management and the board of directors are acting
in the best interest of shareholders.
NEW YORK, Nov. 26, 2012
NEW YORK, Nov. 26, 2012 /PRNewswire/ -- Morgan & Morgan today announces that
it has begun an investigation of Sandridge Energy, Inc. (NYSE: SD) to
determine if the company's senior management and board of directors have
breached their fiduciary duties to Sandridge Energy shareholders. If you are
a current shareholder of Sandridge Energy and are interested in learning more
about our Sandridge Energy (SD) shareholder lawsuit investigation,please
contact George Pressly, Esq. at1 (800) 631-6234or email George at
The investigation relates to the substance conveyed in a letter from a large
shareholder - recently released to the public - that calls into question
certain actions by senior management and the board of directors of Sandridge
Energy. The letter chronicled a broad set of proposals to reform Sandridge
Energy including the following: (1) TheBoard of Directors must be
significantly reconfigured, with certain directors replaced by credible,
independent directors, chosen after extensive consultation with large
shareholders. In addition, large shareholders should be invited to join the
board, if they so desire. (2)The Board must then reconfigure management and
leadership of the company. [The Author] believes CEO Tom Ward's credibility is
too damaged to continue in his role. The company must bring in new management
that is viewed as credible, experienced, and highly competent. (3) TheBoard
should hire an advisor to explore all strategic alternatives. Given the
difficult challenge of restoring confidence, the Board must also consider
whether the value of the company's assets will instead be maximized through a
sale to another company.
On November 18, 2012, Sandridge Energy adopted a Shareholder Rights Plan,
which in reality is a poison pill. Essentially, the poison pill renders it
impractical for an outside entity to acquire more than 10% of Sandridge
Energy's common stock. At the same time, Sandridge Energy amended its
corporate by-laws to now require a majority shareholder vote to remove a
member of the board of directors.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law firms. In addition to
securities law, the firm also practices in the areas of antitrust, personal
injury, consumer protection, overtime, and product liability.All of the
Firm's legal endeavors are rooted in its core mission: provide investor and
consumer protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar outcome.
Morgan & Morgan
Peter Safirstein, Esq.
Five Penn Plaza
New York, NY 10001
SOURCE Morgan & Morgan
Press spacebar to pause and continue. Press esc to stop.