TPG-Axon, which controls 7.3 percent of SandRidge stock, criticized the Oklahoma City company for taking so long to clarify its earlier statement.
“It is frankly embarrassing and unfortunate that it took the board two months, a lawsuit and a stern ruling by Judge Strine that they may have breached their fiduciary duty, to finally do the right thing for shareholders,” TPG-Axon said in a statement Tuesday.
“This is yet another poor use of shareholder money, a stark example of how the board has attempted to entrench themselves and a reason why immediate change is necessary.”
SupportSandRidge.com, the company's website to educate shareholders about its fight against TPG-Axon, was still down late Tuesday, but SandRidge spokesman Greg Dewey said it should be online again by Wednesday morning.
The site had been unavailable since shortly after Friday's court ruling.
SandRidge shareholders have until Friday to decide if they want to keep the current directors or replace them with TPG-Axon's nominees. Results from the vote are expected Monday.