Atlas Energy Solutions Inc.‘s founder and board lost their bid Tuesday for an early win against allegations they shortchanged public investors when they reorganized the company after its 2023 public listing.
A Delaware judge let a shareholder case move forward over the reshuffling, which transformed the fracking services business from an umbrella partnership, or Up-C, into a traditional corporation. Vice Chancellor J. Travis Laster advanced the dispute toward a potential trial, dealing a setback to oil tycoon Ben “Bud” Brigham and his board allies.
The decision was the latest to confront claims that corporate founders or other insiders manipulated ...