Nasdaq staff determined Hercules no longer met the requirements to continue being listed on the exchange and the Houston-based company did not appeal the decision. Its last trading day will be Sept. 7.
The lawsuit by Sue Ann Arnall alleges the $4.5 million sale in 2005 of the parent company and sole shareholder of Jolette Oil to Continental Resources was below market value. It asks for damages in excess of $10,000.
Miller Energy, which relocated from Tennessee to Houston early this year, is fighting to stave off filing for bankruptcy, and the company said in a new CEO filing Thursday that it will pay the $5 million over three years.
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