Chesapeake Energy Corp. maintains there is no reason for a judge to delay next month's annual meeting at the request of a group of dissatisfied shareholders.
At least six shareholders who have filed breach of fiduciary duty lawsuits against Chesapeake's board last week asked a federal judge in Oklahoma City to postpone the June 8 meeting.
They contend Chesapeake has not given shareholders enough information to decide on three compensation issues and the re-election bids of two board members.
Attorneys for Chesapeake's board countered that the company has provided a “superabundance” of information, according to a filing late Wednesday.
“The suggestion that shareholders have not been provided sufficient information cannot withstand even superficial scrutiny,” attorneys wrote. “Conversely, disrupting Chesapeake's corporate processes would inflict needless damage on the company and its shareholders.”
The filing also disputed allegations that Chesapeake's board did not do its job in representing shareholders.
“Although plaintiffs do a good job of parroting media criticisms, their assertions that defendants breached legal duties lack any semblance of merit,” according to the filing.