Harold Hamm, Continental Resources settle shareholder suit for $60M
An Oklahoma County district judge has approved a $60 million settlement resolving a four-year class action shareholder litigation over Continental Resources founder Harold Hamm’s 2022 transaction that took the company private. The order on Tuesday, Nov. 10, concludes a major legal dispute surrounding the downtown Oklahoma City-headquartered energy giant. The lawsuit began when Continental shareholder Walter T. Doggett filed a challenge to Hamm’s takeover proposal. Continental had been publicly traded since 2007, with Hamm and his family holding an approximately 83% controlling stake. In June 2022, Hamm submitted an initial, nonbinding proposal to acquire Continental’s remaining public shares for $70 each. The buyout was formally announced on Oct. 17, 2022, and closed on Nov. 22 of that same year, after the purchase price was raised to $74.28 per share. More: Continental Resources signs deal to develop Venezuela's Orinoco Belt Hamm’s attorney Mike Burrage said the lawsuit was premature when it was filed. He said Hamm’s initial offer was nonbinding and subject to review by a special committee of the board of directors. He called it “speculation” at the time. As the litigation evolved into a class action lawsuit, plaintiffs challenged the process and the final price of the take-private transaction,
