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Monday, December 24, 2012

TPG-Axon files lawsuit in SandRidge board battle, (NYSE: SD)

SandRidge Energy Inc investor TPG-Axon filed a lawsuit contesting the validity of the initial consent date provided by the oil and gas producer relating to the hedge fund's proposal to replace members of the company's board. TPG-Axon, owner of 6.7 percent of SandRidge's shares, said last month it would solicit support from other shareholders to replace the company's board, citing poor management.

SandRidge Energy, Inc. (SandRidge) is an independent oil and natural gas company. Shares of SD fell by 0.4% or $-0.025/share to $6.24. In the past year, the shares have traded as low as $4.81 and as high as $9.00. On average, 15570700 shares of SD exchange hands on a given day and today's volume is recorded at 2328756.