According to the Complaint, Silver Run II was formed in 2016 as a blank check company organized under the laws of Delaware. In August 2017, Silver Run II announced that it had entered into an agreement, subject to shareholder approval, to merge with two privately held companies, Alta Mesa and Kingfisher, in a deal initially valued at $3.8 billion. Alta Mesa Resources, Inc. was an oil and gas exploration and production company operating in the STACK play in the Anadarko Basin area of Oklahoma. Kingfisher specialized in the gathering, processing, and marketing of hydrocarbons from oil and gas producers. The two companies were closely related and shared overlapping and affiliated owners.

The Complaint alleges that in early 2018, in order to secure shareholder support for the Acquisition, Silver Run II issued a materially false and misleading Definitive Merger Proxy Statement on Schedule M14A (the “Proxy”). The Proxy, which recommended that Silver Run II’s shareholders vote in favor of the Acquisition, allegedly included false and/or misleading statements of fact and omitted facts necessary to make the statements made therein not false or misleading in contravention of §§14(a) and 20(a) of the Exchange Act and SEC Rule 14a-9.

On April 29, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. On May 3, the Court issued an Order transferring the action to the Southern District of Texas for consolidation. On September 13, the Company issuer filed a Notice of Suggestion of Bankruptcy.

On January 15, 2020, the Court issued an Order consolidating cases and appointing Co-Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 19-CV-00957.

Co-Lead Plaintiffs filed a consolidated amended Complaint on March 16, 2020. On March 19, Co-Lead Plaintiffs corrected the consolidated amended Complaint. On April 6, Co-Lead Plaintiffs filed a second corrected consolidated amended Complaint. Defendants filed Motions to Dismiss the second consolidated amended Complaint on June 30. On April 14, 2021, the Court issued an Order denying Defendants' Motions to Dismiss. Lead Plaintiffs filed a third consolidated amended Complaint on December 6.

On July 30, 2021, Plaintiffs filed a Motion for Class Certification. The Court granted Plaintiffs' Motion for Class Certification on January 24, 2022. On November 30, the Court issued an Order further consolidating cases under Docket 19-CV-00957.

Defendants filed a Motion to Dismiss the third consolidated amended Complaint on January 10, 2023. On June 7, the Court issued an Order denying Defendants' Motion to Dismiss.

On October 16, 2024, Lead Plaintiffs entered into a Stipulation and Agreement of Settlement with two of the Defendants. On October 29, Lead Plaintiffs entered into a Stipulation and Agreement of Settlement with one of the Control Entity Defendants. On November 8, Lead Plaintiffs entered into a Stipulation and Agreement with two additional Defendants.