PHX Minerals (PHX) has provided an announcement.
In a proactive response to a lawsuit alleging violations of stockholder consent provisions, PHX Minerals Inc.’s Board amended their Bylaws to align with the requirements for stockholder actions without meetings. This move rendered the plaintiff’s claims moot, and in exchange for amending the bylaws, the company agreed to a $150,000 settlement for the plaintiff’s legal fees. Consequently, the court will be dismissing the case, marking a swift resolution to the corporate governance dispute.
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