OKLAHOMA CITY, Nov. 4, 2015 /PRNewswire/ -- The following statement is being issued by SandRidge Energy, Inc.:
IN THE UNITED STATES DISTRICT COURT FOR THE
WESTERN DISTRICT OF OKLAHOMA
IN RE SANDRIDGE ENERGY, INC.
Case No. CIV-13-102-W
Relating to All Derivative Actions
SUMMARY NOTICE OF PROPOSED PARTIAL SETTLEMENT OF SHAREHOLDER DERIVATIVE LITIGATION
TO: ALL PERSONS WHO OWN SHARES OF SANDRIDGE ENERGY, INC. ("SANDRIDGE" or the "COMPANY") COMMON STOCK AS OF OCTOBER 9, 2015 AND CONTINUE TO OWN SUCH SHARES.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23.1 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Western District of Oklahoma (the "Court"), of (i) the pendency of the above-captioned shareholder derivative litigation (the "Litigation" or "Action"), which was brought by certain SandRidge shareholders on behalf of and for the benefit of SandRidge; and (ii) a proposed partial settlement of the Litigation (the "Settlement"), subject to Court approval, for consideration including the adoption by SandRidge of certain corporate governance measures as provided in a Stipulation and Agreement of Settlement (the "Stipulation") that is filed with the Court and available for review as indicated below, and a payment of $38 million in cash (the "Settlement Payment") by the Settling Defendants' insurers, which shall be paid to the Company to the extent that funds remain after deducting certain Designated Litigation Expenses, as defined in the Stipulation, arising from a separate Securities Litigation against SandRidge and certain of its current or former officers or directors.
A hearing will be held on December 18, 2015, at 10:00 am, before the Honorable Lee R. West, at the United States District Court for the Western District of Oklahoma, 200 N.W. 4th Street, Oklahoma City, Oklahoma 73102 (the "Settlement Hearing") to determine (i) whether the proposed Settlement should be approved; (ii) whether the Released Claims against the Settling Defendants should be dismissed with prejudice as set forth in the Stipulation; and (iii) whether Co-Lead Counsels' request for an award of attorneys' fees and reimbursement of litigation expenses should be approved by the Court.
IF THE SETTLEMENT IS APPROVED, THE RIGHTS OF SANDRIDGE SHAREHOLDERS TO PURSUE THE CLAIMS ASSERTED IN THE LITIGATION ON BEHALF OF SANDRIDGE WHICH ARE BEING RELEASED PURSUANT TO THE SETTLEMENT WILL BE AFFECTED.
Please Note: Because this Litigation was brought as a derivative action, which means that it was brought on behalf of and for the benefit of the Company, any monetary benefits from the Settlement Payment, after deducting the Designated Litigation Expenses, will go to SandRidge. In a derivative action, individual shareholders do not receive any direct monetary recovery from the settlement.
A more detailed Notice of Proposed Partial Settlement of Shareholder Derivative Litigation (the "Notice") that provides additional information concerning the Litigation, the terms of the proposed Settlement, and SandRidge shareholders' legal rights with respect to the proposed Settlement and the application for attorneys' fees and litigation expenses, along with copies of the Stipulation and other documents filed in the Litigation, can be obtained from Co-Lead Counsels' website, www.kaplanfox.com. The Notice has been or will be mailed to all shareholders of record as of October 9, 2015. The Notice was filed as an exhibit to a Form 8-K filed with the U.S. Securities and Exchange Commission by SandRidge on October 26, 2015. You may also examine the Court files for the Litigation during regular business hours at the United States District Court for the Western District of Oklahoma, 200 N.W. 4th Street, Oklahoma City, Oklahoma 73102.
If you owned shares of SandRidge common stock as of October 9, 2015 and continue to own such shares through December 18, 2015 (the date of the Settlement Hearing), you may, if you wish to do so, comment to the Court on the proposed Settlement or the application for an award of attorneys' fees and reimbursement of litigation expenses. Any objections to the proposed Settlement or the application for attorneys' fees and expenses must be filed with the Court and delivered to Co-Lead Counsel and Counsel for each of the Settling Defendants no later than December 4, 2015, in accordance with the instructions set forth in the Notice.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THE
SETTLEMENT AND THIS NOTICE. All inquiries may be made to Co-Lead Counsel:
KAPLAN FOX & KILSHEIMER LLP
Robert N. Kaplan
850 Third Avenue, 14th Floor
New York, New York 10022
Telephone: (212) 687-1980
Facsimile: (212) 687-7714
Michael Burrage, OBA #1350
1215 Classen Drive
Oklahoma City, Oklahoma 73103
Telephone: (405) 516-7800
Facsimile: (405) 516-7859
You should ask Co-Lead Counsel to confirm receipt of any email correspondence regarding the Settlement or the notice within three business days. If Co-Lead Counsel do not confirm receipt within three business days, you should call to ensure receipt.
By Order of the Clerk of Court United States District Court for the Western District of Oklahoma
SOURCE SandRidge Energy, Inc.