In anticipation of disappointment at the end of March (90 days after 2021 annual meeting), a group of investors is discussing the possibility of a class action suit. Below is the rationale:
TPL shareholders who are exasperated and economically damaged by the governance failures of the TPL Board. The Delaware Supreme Court has addressed the fundamental deprivation of the shareholder voting franchise in the 2021 case of Coster v.UIP, a case which reenergizes Blasius Industries v. Atlas Corp. Based on many actions and omissions taken by this Board upon and since the conversion from the Trust we believe the only means of shedding the opaqueness that obscures the deprivation of shareholders voting franchise is a lawsuit that will force the discovery and disclosure of the Boards malfeasance. In order to secure competent counsel to prosecute such an action, we need to raise an expense fund to cover the prospective expenses of such a lawyer and firm. We believe that we need to target a $1 million dollar amount for this fund although we admit the amount is at best an educated guess. We have indications of pledges toward 25% of the fund. We have no lawyer or law firm yet targeted for this retainer and will only approach such legal professionals once we have secured the expense fund. Can you help!
https://corpgov.law.harvard.edu/2021/07/29/delaware-supreme-courts-response-to-chancery-for-turning-away-stockholders-claims/ “Boards must act equitably toward the company and its stockholders.”
If you have interest in participating (and spending the funds to do so!), send me an email or use the contact page. I will catalogue and relay interest to the lead investors. I’m a likely participant if it becomes clear that the board has disregarded/minimized/ignored stockholder votes.