Local & Regional
Tue June 5, 2012
Judge to Hear Motion for Chesapeake Shareholder's
OKLAHOMA CITY (AP) — A federal judge will decide a motion filed by a group of Chesapeake Energy Corp. shareholders who want to delay the company's annual shareholders' meeting.
U.S. District Judge Vicki Miles-LaGrange is scheduled to hear oral arguments on the request Tuesday. Chesapeake's shareholder's meeting is set for Friday.
A motion seeking a preliminary injunction filed by a group of shareholders asks that the annual meeting be postponed until the company releases more information about CEO Aubrey McClendon's compensation as well as loans he secured against his stake in company wells. The motion says information released by the company needs to be corrected so it is complete and not misleading.
Chesapeake has argued in court filings that the meeting shouldn't be postponed and that shareholders have plenty of information about McClendon's loans.
Copyright 2012 The Associated Press.