Continental Resources, Inc.
Plaintiffs challenged the take-private acquisition of Continental Resources, Inc. by Continental’s controlling shareholder, Harold Hamm, which closed on November 22, 2022 (the “Take-Private”). Hamm paid approximately $4.3 billion, or $74 per share, to squeeze out minority shareholders, a per share price barely above where Continental’s stock was trading in the days leading to Mr. Hamm’s public proposal. On May 17, 2023, Plaintiffs filed their Verified Consolidated Class Action Petition. The Petition alleged that Hamm violated his duty of loyalty to shareholders by paying an unfair price for Continental’s public shares, after an unfair negotiation process. The Petition also alleged that Continental’s other board members were conflicted and failed to protect the interests of public shareholders. Plaintiffs also alleged a breach of fiduciary duty by Hamm for engaging in insider trading by buying millions of shares of Continental stock and causing Continental to buy back shares while he was secretly planning to launch the Take-Private.
On October 3, 2023, the Court denied all defendants’ motions to dismiss, allowing Plaintiffs’ claims to proceed. Between November 2023 and April 2026, the parties litigated the action and engaged in extensive discovery. On July 15, 2024, the Court certified a class of former Continental shareholders. In early March 2026, the Court heard 13 Daubert motions and motions in limine relating to the admissibility of evidence and certain expert witnesses at trial. On March 31, 2026, the parties held their pretrial conference. Trial was set to begin on May 4, 2026.
On April 14, 2026, the parties agreed to settle Plaintiffs’ claims for $60 million. On July 1, 2026, the Court preliminarily approved the settlement. A hearing to determine final approval of the settlement will be held on November 10, 2026, at 10:00 a.m., at the Oklahoma County Courthouse, 321 Park Avenue, Courtroom 325, Oklahoma City, OK 73102.