1 unchanged sentence
From time to time, the Company may be involved in litigation relating to claims arising out of commercial operations in the normal course of business.
−Removed: As of June 30, 2023, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of operations.
+Added: As of September 30, 2023, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company’s results of operations.
The Company was the target of a “short” report issued by Kerrisdale Capital in early October, 2021, and as a result of such short report, on October 29, 2021, a Class Action Complaint (i.e.
2 unchanged sentences
Camber Energy, Inc., et al .;
−Removed: District Court for the Southern District of Texas, Houston Division, pursuant to which the Plaintiffs are seeking to recover damages alleged to have been suffered by them as a result of the defendants’ violations of federal securities laws.
−Removed: The defendants deny the allegations contained in the Class Action Complaint and have engaged Baker Botts L.L.P.
−Removed: to defend the action.
+Added: District Court for the Southern District of Texas, Houston Division, pursuant to which the Plaintiffs sought to recover damages alleged to have been suffered by them as a result of the defendants’ violations of federal securities laws.
+Added: The Company and the other Defendants filed a Motion to Dismiss (“MTD”) the Class Action Complaint, and on September 22, 2023, the Court granted the MTD in full.
+Added: On October 25, 2023, the Court signed a joint stipulation submitted by the parties, dismissing the case with prejudice.
On or about June 30, 2022, the Company was made aware of a Shareholder Derivative Complaint filed in the U.S.
District Court for the Southern District of Texas, Houston Division (Case No.
−Removed: 4:22-cv-2167) against the Company, its current directors, and certain of its former directors (the “Houston Derivative Complaint” and, together with the Nevada Derivative Complaint, the “Derivative Complaints”).
+Added: 4:22-cv-2167) against the Company, its current directors, and certain of its former directors (the “Houston Derivative Complaint”).
The allegations contained in the Houston Derivative Complaint involve state-law claims for breach of fiduciary duty and unjust enrichment and a federal securities claim under Section 14(a) of the Securities Exchange Act of 1934.
−Removed: On January 20, 2023, the U.S.
−Removed: District Court held that certain claims brought by the plaintiff relating to director actions and statements made in proxy statements prior to June 30, 2019, were time barred, but did not dismiss certain claims brought by plaintiff relating to director actions and statements made in proxy statements after June 30, 2019.
−Removed: Pursuant to Article 6 of the Amended and Restated Bylaws, on February 15, 2023, the Company’s Board formed a Special Litigation Committee to investigate, analyze, and evaluate the remaining allegations in the Houston Derivative Complaint.
−Removed: The Special Litigation Committee’s investigation and evaluation remains ongoing.
−Removed: At this time, we are not able to predict the outcome of the Special Litigation Committee investigation or these claims.
−Removed: The defendants deny the allegations contained in the Class Action Complaint and Houston Complaint and have engaged Baker Botts L.L.P.
−Removed: to defend the actions.
−Removed: On or about April 18, 2022, the Company was made aware of a Shareholder Derivative Complaint filed with the District Court in Clark County, Nevada (Case No.:
−Removed: A-22-848486-B) against the Company and its directors, and on or about May 4, 2022 the Company was made aware of a second Shareholder Derivative Complaint filed with the District Court in Clark County, Nevada (Case No.
−Removed: A-22-852069-B) against the Company and its directors.
−Removed: On July 18, 2022, the shareholder plaintiff in Case No.
−Removed: A-22-848486-B voluntarily dismissed his lawsuit, and on December 12, 2022 the shareholder plaintiff in Case No.
−Removed: A-22-852069-B voluntarily dismissed his lawsuit.
+Added: On January 20, 2023, the Court held that certain claims brought by the plaintiff relating to director actions and statements made in proxy statements prior to June 30, 2019, were time barred, but did not dismiss certain claims brought by plaintiff relating to director actions and statements made in proxy statements after June 30, 2019.
+Added: Pursuant to Article 6 of the Amended and Restated Bylaws, on February 15, 2023, the Company’s Board of Directors (the “Board”) formed a Committee of the Board (the “Special Litigation Committee”) to investigate, analyze, and evaluate the remaining allegations in the Houston Derivative Complaint.
+Added: On October 19, 2023, the parties filed a stipulation advising that the Special Litigation Committee had completed its work and expected to share its written report with counsel for the parties, after which point the parties would review the report and consider whether the claims in the case can be resolved.
+Added: On October 20, 2023, the Court entered the stipulation and extended the stay of all deadlines in the case until November 17, 2023.
+Added: At this time, we are not able to predict the outcome of this matter.
+Added: Maranatha Oil Matter
+Added: In November 2015, Randy L.
+Added: Robinson, d/b/a Maranatha Oil Co.
+Added: sued the Company in Gonzales County, Texas (Cause No.
+Added: The plaintiff alleged that it assigned oil and gas leases to the Company in April 2010, retaining a 4% overriding royalty interest and 50% working interest and that the Company failed to pay such overriding royalty interest or royalty interest.
+Added: The interests relate to certain oil and gas properties which the Company subsequently sold to Nordic Oil USA in April 2013.
+Added: The petition alleges causes of actions for breach of contract, failure to pay royalties, non-payment of working interest, fraud, fraud in the inducement of contract, money had and received, constructive trust, violation of theft liability act, continuing tort and fraudulent concealment.
+Added: The suit seeks approximately $100,000 in amounts alleged owed, plus pre-and post-judgment interest.
+Added: The Company has filed a denial to the claims and intends to vehemently defend itself against the allegations.
As a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, the Company is not required to provide the information under this item.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.