Tellurian Board Accused of Conflicted Stock Sale to Total SA

A Tellurian Inc. shareholder has accused the natural gas company’s directors of engineering a lowball stock sale to global oil giant Total SA because of its links to a Tellurian board member.

Tellurian agreed in early April to issue nearly 20 million shares to Total and a subsidiary for $10.07 a share, even though the stock closed at $11.19 the previous day, according to the May 21 complaint filed in Delaware Chancery Court. Tellurian director Eric Festa also sits on the board of Total, which already owns 19% of Tellurian, the suit says.

NASDAQ rules require shareholder approval of below-market ...