SandRidge Mississippian Trust I Securities Litigation
On or around 10/30/2019 (Date of last review)
Filing Date: June 09, 2015
According to the law firm press release, the lawsuit alleges defendants made false and/or misleading statements and failed to disclose that: (1) the underlying properties from which the royalty interests were conveyed to SandRidge Mississippian Trust I consisted of far more low-margin natural gas deposits and far fewer high-margin oil deposits, and (2) the reserves of oil in the underlying properties associated with Trust I were vastly overstated. When the true details entered the market, the lawsuit claims that investors suffered damages.
This action was administratively terminated on May 20, 2016, due to the bankruptcy filing of the issuer Defendant.
On October 27, 2016, this case was reopened and an amended complaint was filed on November 11. On January 19, 2018, Defendants filed a Motion for Judgment. On January 18, 2019, the Court issued an Order granting the Motion for Partial Judgment, dismissing the claims against one of the Defendants. The Issuer Defendant filed a Motion for Judgment on March 13. On October 30, the Court granted in part and denied in part the Motion for Judgment and dismissed with prejudice the Section 20(a) claims against the Individual Defendants to the extent such claims are predicated on any Defendant being a control person of Trust I.
Company & Securities Information
Defendant: SandRidge Mississippian Trust I
Industry: Oil & Gas - Integrated
Headquarters: United States
Ticker Symbol: SDT
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Duane and Virginia Lanier Trust , et al. v. SandRidge Mississippian Trust I, et al.