SandRidge Energy Inc. has inked a deal to sell the bulk of its holdings in west Texas’ oil-rich Permian Basin for $2.6 billion, the company announced Wednesday.
Second lawsuit filed in a month
A Florida man filed a securities lawsuit Wednesday against SandRidge Energy Inc.’s board of directors, accusing the Oklahoma City oil company’s leaders of engaging in reckless business practices.
SandRidge shareholder Arthur I. Levine accuses the directors of approving transactions that benefitted them, not the company.
Levine’s 30-page lawsuit echoes many of the complaints leveled by investment firm TPG-Axon Capital, one of SandRidge’s largest shareholders.
It is the second such lawsuit involving SandRidge filed this month in federal court in Oklahoma City.