Texas Pacific Receives Favorable Ruling In Stockholders' Agreement Lawsuit

(RTTNews) - Texas Pacific Land Corp. (TPL), Tuesday announced that the Delaware Supreme Court had ruled in favor of the company in a lawsuit against the investor group regarding stockholders' agreement of June 2020.

The Court upheld the previous ruling of Delaware Court of Chancery in December 2023, which stated that the investor group should have followed the company's guidance during the voting process to increase the number of authorized shares.

The investor group comprised of Horizon Kinetics LLC, Horizon Kinetics Asset Management LLC, SoftVest Advisors, LLC and SoftVest, L.P., the company stated.

On Monday, Texas Pacific's stock closed at $1,560.23, down 0.07 percent on the New York Stock Exchange.