SandRidge Energy to sell Permian assets for $2.6 billion

SandRidge Energy Inc. is selling most of its holdings in the Permian Basin for $2.6 billion.

BY JAY F. MARKS Published: December 20, 2012
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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.

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