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Noble Sued by Investor on Eve of $5 Billion Chevron Deal Vote

Oct. 2, 2020, 1:17 PM

A Noble Energy Inc. investor sued it in Delaware on the eve of a shareholder vote on its $5 billion sale to Chevron Corp., seeking company records to investigate whether top executives pursued the deal over millions in severance bonuses to offset their losses during the Covid-19 pandemic.

The circumstances raise the possibility “that, while shopping the company, management engaged in self-dealing while the board turned a blind eye,” the lawsuit says.

The plaintiff is “justifiably concerned” the deal was “manipulated by the company’s management, who had their own motives in pursuing a sale of the company, rather than...

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