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Environmental & Energy

Jul. 17, 2023

Shareholder lawsuit against oil well company is dismissed

The plaintiff, Evergreen Capital Management LLC, filed the lawsuit after the stock price of the trust created by Pacific Coast Energy to distribute the company’s profits dropped in 2020 following an announcement that no dividends would be paid out through the trust.

Quinn Emanuel Urquhart & Sullivan LLP secured a dismissal with prejudice of all claims against its clients — Pacific Coast Energy Company, parent company Newbridge Energy LTD, and chairman Klaus Hasbo — in a shareholder lawsuit brought in the wake of the company’s pandemic related financial troubles.

Pacific Coast Energy is an energy company headquartered in Los Angeles that operates oil wells in Southern California.

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