On Tuesday, Texas Pacific Land Corp. (TPL) announced that the company had been granted a favorable ruling by the Delaware Supreme Court. The ruling was regarding a dispute with an investor group over a stockholders' agreement made in June 2020.
The Supreme Court upheld a previous ruling from the Delaware Court of Chancery in December 2023. The verdict indicated that the investor group - which includes Horizon Kinetics LLC, Horizon Kinetics Asset Management LLC, SoftVest Advisors, LLC and SoftVest, L.P. - should have abided by the company's recommended guidelines when making their vote to increase the number of authorized shares.
As of Monday, Texas Pacific's stocks closed at $1560.23 per share on the New York Stock Exchange, marking a minor decrease of 0.07 percent.
