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Gas industry

Dennis Washington/Marvin Davis Group Responds to MESA Inc. Lawsuit

Strategic Insights

— 1 min read

The Dennis Washington/Marvin Davis Group has issued a statement in response to MESA Inc.'s lawsuit, labeling the allegations as "totally without merit." The group claims that experienced individuals, including Dennis Washington, Marvin Davis, and Roger Batchelder, would not violate securities laws. The lawsuit is seen as an attempt to divert attention from MESA's financial struggles, with its stock price dropping from $60 to less than $5 per share under the management of Boone Pickens. The group also accuses Pickens of using shareholder money to sue shareholders and directors of the company, a move seen as hypocritical given his past stance against entrenched management.

Key Takeaways:

  • The Dennis Washington/Marvin Davis Group denies allegations of securities law violations, labeling them as "illogical" and "outrageous."
  • The lawsuit is seen as an attempt to shift attention from MESA's financial distress, with its stock price plummeting under Boone Pickens' management.
  • The group accuses Pickens of using shareholder money to sue shareholders and directors of the company, a move seen as hypocritical.
  • Roger Batchelder is named as a defendant in the lawsuit, alongside Dennis Washington and Marvin Davis.
  • The company is in financial distress, with its stock price decreasing from $60 to less than $5 per share.
  • The Dennis Washington/Marvin Davis Group suggests that Pickens' actions are an attempt to maintain control of the company.
  • The group claims that Pickens' actions are a breach of trust with shareholders.

Statistics:

  • MESA's stock price has dropped from $60 per share to less than $5 per share under Boone Pickens' management.
  • The lawsuit was announced by MESA Inc. against Messrs. Washington, Davis, and Batchelder.
  • The financial distress of MESA Inc. has brought attention to the company's management under Boone Pickens.
  • The decrease in stock price is a result of the company's financial struggles, which the Dennis Washington/Marvin Davis Group attributes to Pickens' management.
  • The lawsuit is seen as an attempt to shift attention away from the company's financial struggles.

Sources:

  • PRNewswire, July 3
  • Sitrick And Company, Michael Sitrick, 310-788-2850

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