The former president and CEO of Trecora Resources misled shareholders about conflicts of interest that allegedly plagued the company’s $247 million sale to Balmoral Funds LLC in 2022, according to an investor lawsuit unsealed in Delaware Chancery Court.
Patrick Quarles, who led Trecora from December 2018 through the merger’s closing in mid-2022, wrote a “misleading” recommendation for Trecora shareholders to approve the merger despite “crippling conflicts” faced by the company’s leadership, according to a stockholder class action lawsuit unsealed Thursday.
Texas-based Trecora, which manufactures synthetic wax and other specialty petrochemicals, and Balmoral aren’t named as defendants in the lawsuit. The ...