Texas Pacific Land Trust postpones shareholder meeting over Eric Oliver suit
Texas Pacific Land Trust released a letter to shareholders regarding the lawsuit filed by the Trust yesterday in the U.S. District Court for the Northern District of Texas against Eric Oliver for violations of federal securities law. The letter said, " We're writing you today to provide additional context on recent developments regarding the ongoing election for TPL's next Trustee. Yesterday, the Trust filed a lawsuit in the U.S. District Court for the Northern District of Texas regarding violations of federal securities laws in Eric Oliver's campaign to become TPL's next Trustee. Our lawsuit alleges that Mr. Oliver has sought to mislead shareholders by misstating certain important information and omitting other information relating to his record and potential conflicts of interest. We have asked the Court to require that Mr. Oliver correct these misstatements and omissions as soon as possible and give shareholders sufficient time to vote on a fully-informed basis. Let us be clear: although the Trust believes that Mr. Oliver is the wrong choice to become TPL's next Trustee, in no way is it our goal to prevent shareholders from having their say. We simply believe that shareholders have the right to be fully and accurately informed before they vote - and that Mr. Oliver has misled you. Unfortunately, the decision to file this lawsuit means that we must postpone our planned shareholder meeting, which had been scheduled to be convened today, May 22, 2019, and immediately adjourned until June 6, 2019. At this time, we do not know when the meeting will take place. Once this litigation is resolved - either in court or by Mr. Oliver providing the necessary disclosures - we will be able to reschedule the meeting. We realize this news may be frustrating and we appreciate your continued patience. We have a responsibility to protect the interests of the Trust and all its shareholders and will continue to take the necessary steps to ensure you have all the information you need to make a fully-informed decision in this critical election about TPL's future. "