TPG-Axon Issues Statement on Delaware Court Ruling that SandRidge Energy's Board of Directors Violated its Fiduciary Duty

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TPG-Axon, beneficial owner of 7.3 percent of the outstanding shares of SandRidge Energy
SD
(“SandRidge” or the “Company”), noted Delaware Chancery Court Judge Leo E. Strine Jr.'s ruling that SandRidge Energy's Board of Directors violated its fiduciary duty to shareholders by refusing to approve TPG-Axon's slate of highly-qualified director nominees for purposes of the Company's "Proxy Puts". As a result of this "fundamental offense to the dignity of the corporate office," the Court barred SandRidge from continuing to solicit consent revocations until TPG-Axon's director nominees are approved for purposes of the Proxy Puts and invalidated all consent revocations already received. In regards to the ruling, TPG-Axon
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