Texas Pacific Wins Lawsuit Against Leading Shareholders

A Delaware judge sided with Texas Pacific Land Corp. in a lawsuit the Permian Basin land giant filed against its major shareholders who opposed a proposal to issue additional shares.

The group of investors should have followed the board’s recommendation and voted to increase the number of authorized shares of common stock at the company’s 2022 annual meeting, Judge J. Travis Laster said in a ruling Friday.

Texas Pacific shares fell 4.8% Monday, the most during intraday trading since Nov. 16. The stock is down 29% this year.

The ruling, following a bench trial in April, paves the way for ...