SandRidge shareholder presents allegations against CEO Tom Ward
Hedge fund TPG-Axon Capital filed a presentation detailing some of its front-running allegations against SandRidge Energy Inc. CEO
The 32-page filing includes six examples of one of the Ward entities leasing mineral rights and “flipping” them to SandRidge, while documenting 15 instances when the entities acquired acreage adjacent to SandRidge's holdings. None of the “adjacent acquisitions” were disclosed in SEC filings, according to the hedge fund's presentation.
TPG-Axon called on SandRidge's board to investigate the nature of the interaction between the company and the entities controlled by the Ward family.
Another SandRidge shareholder, Mount Kellett Capital Management, lodged a similar request last week. The investment firm also asked the board to suspend Ward until the inquiry is completed.
TPG-Axon has launched a consent solicitation, urging other SandRidge shareholders to oust Ward and the rest of SandRidge's current board.
SandRidge's stock closed Wednesday at $7.24 a share, up 6 cents.
Business Photo Galleriesview all
- 54680Oklahoma tornadoes: 'It took it all'
- 35701Oklahoma weather: Crews work to clear storm damage in Oklahoma City as the state braces for severe weather Sunday.
- 32594Oklahoma Severe Storm Updates
- 8907Wild hogs continue to be a growing menace across Oklahoma
- 8388Oklahoma State football: Limiting Wes Lunt's transfer options makes Mike Gundy look bad
- 5554Oklahoma City Thunder: What could Serge Ibaka learn from Hakeem Olajuwon?
- 4146OKC Thunder GM Sam Presti won't amnesty Kendrick Perkins