Judge denies motion to stop Chesapeake meeting

AP News
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Posted: Jun 06, 2012 6:09 PM

A federal judge is denying a request by a group of shareholders to postpone the annual meeting of Chesapeake Energy Corp., the nation's second-largest natural gas producer.

U.S. District Judge Vicki Miles-LaGrange denied a motion Wednesday for a preliminary injunction to prevent the Oklahoma City-based company from moving forward with the meeting, which is planned for Friday.

Shareholders wanted to put off the meeting to give Chesapeake more time to give them information about CEO Aubrey McClendon's compensation and loans he secured against his stake in company wells. They say they need the information to make informed votes at the meeting and determine whether the company's board of directors was doing its job.

Miles-LaGrange ruled Chesapeake's shareholders had not proven they would suffer irreparable injury if the injunction was denied.