TPG-Axon files lawsuit in SandRidge board battle

Mon Dec 24, 2012 12:49pm EST

Dec 24 (Reuters) - SandRidge Energy Inc investor TPG-Axon filed a lawsuit contesting the validity of the initial consent date provided by the oil and gas producer relating to the hedge fund's proposal to replace members of the company's board.

TPG-Axon, owner of 6.7 percent of SandRidge's shares, said last month it would solicit support from other shareholders to replace the company's board, citing poor management.

A SandRidge spokesman was not immediately available for comment.