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 /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. at 1 (800) 631-6234 or email George at info@morgansecuritieslaw.com.
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) The Board 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) The Board 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.
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