Rice Brothers Drop EQT Proxy Lawsuit – Feud Continues

On April 25 the Rice brothers (Toby and Derek) sued EQT alleging the company is trying to confuse shareholders by requiring some of the board candidates the Rice boys are proposing get commingled with EQT’s own slate of candidates (see Rice Brothers Sue EQT to Prevent Proxy Manipulation). The Rice boys said the lawsuit was aimed at “preventing EQT from manipulating shareholder election.” Over the weekend the Rice boys dropped the lawsuit, claiming victory, saying EQT has relented. EQT says the lawsuit was a “tactic intended to distract focus” away from the company’s stellar first quarter results.

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