Alta Mesa Reaches $126 Million Deal to End SPAC Fraud Case (1)

Alta Mesa Resources Inc. and investors proposed a $126.3 million settlement to settle fraud claims related to the now-defunct oil and gas company’s blank-check merger and subsequent collapse.

Investors who sued Alta Mesa and other companies involved in taking the energy outfit public were among the many jilted shareholders who brought fraud claims to recover losses after similar SPAC mergers, which peaked in popularity 2020 and 2021 and left a high volume of litigation in their wake.

The class of investors secured more than $11 million in prior settlements last November after reaching agreements with Bayou City Energy Management LLC, ...