Shareholder sues over the management of Sanchez Energy Corp
A shareholder is suing on the accusation of being misled in a proxy statement.
John Bartlinski, on behalf of Sanchez Energy Corp., filed suit Feb. 12 in the U.S. District Court for the Southern District of Texas Houston Division naming Antonio Sanchez III, A.R. Sanchez Jr., Gilbert A. Garcia, Greg Colvin and Alan G. Jackson as the defendants.
Bartlinski states that a proxy statement was sent to Houston-based Sanchez Energy shareholders seeking approval of an amendment to the certificate of incorporation which would eliminate personal liability of company directors. Bartlinski claims the proxy statement was sent out after the company began to receive increased scrutiny over the way the Sanchez family controls the company.
According to the complaint, Bartlinski is suing on behalf of shareholders trying to ensure the Sanchez family will not be able to insulate themselves from liability and do whatever they want with the company. Bartlinski alleges the Sanchezs have a history of disgorging the company of profits for personal gain, some of which should be reinvested in the company to increase value or paid to shareholders, according to the lawsuit.
Bartlinski is seeking an injunction of the amendment to the certificate of incorporation.
He is being represented by attorney Paul T. Warner.
U.S. District Court for the Southern District of Texas Case No. 4:14-CV-00341
This is a report on a civil lawsuit filed in the U.S. District Court for the Southern District of Texas. The details in this report come from an original complaint filed by a plaintiff. Please note, a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt, and it only represents one side of the story.