A New York law firm announced Monday it had begun an investigation into SandRidge Energy to determine if the company's top leaders have mishandled their responsibilities to shareholders.
According to a news release from Morgan & Morgan, the law firm's investigation will delve into whether "the company's senior management and board of directors have breached their fiduciary duties to SandRidge Energy shareholders."
The investigation comes after Investor TPG-Axon, which said it owns 6.2 percent of SandRidge, sent a letter to the company questioning certain actions by senior management and the board of directors. The letter set forth a list of proposed reforms, including reconfiguring the board, reconfiguring management and leadership, and hiring an advisor to "explore all strategic alternatives."
There's been no response yet from SandRidge Energy.