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The Advocate
Tuesday, August 29th, 2023
 
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Venture Global LNG faces $77 million stock ownership lawsuit

by Adam Daigle | Acadiana business editor​ ​ ​

Good morning, Acadiana business news readers. Did you see any rain yesterday? Might happen today. Let's get to the headlines.

Three people have sued Venture Global LNG, including the company’s former attorney and the widow of a former board member, over $77 million in stock options they say the liquefied natural gas exporter has refused to release to them.

In a lawsuit filed in July in Virginia federal court, Kathryn Lindquist, John Ruggirello and Paul Dillbeck accused Venture Global’s majority shareholders and co-founders, Bob Pender and Michael Sabel, of a “malicious and bad faith scheme” to prevent the trio from buying and selling stock they say they’re owed.

They believe Pender and Sabel are trying to consolidate shares and boost their value before a potential public offering. Venture Global is based in Arlington, Virginia and is building a four-terminal LNG export empire along Louisiana’s Gulf of Mexico coast.

Check out the story here. 

Thanks for reading and have a great day. 

 
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Nearly 50 years ago plans for the Acadiana Mall were announced. Here's how grand the plans were.

Plans for the Acadiana Mall nearly 50 years ago were so big that a national retailer got involved in the construction and it would include a major hotel, office buildings, a major hotel, restaurants and banks. Read more

LEED Center, New Iberia to offer business accelerator program next month

The Louisiana Entrepreneurship and Economic Development Center at the University of Louisiana at Lafayette is coordinating with the city of New Iberia to lead a three-week Accelerate New Iberia next month. Read more

Four companies look to hire 40 at LED job fair

Four companies are teaming up for a Louisiana Economic Development FastStart online job fair, which will be held from 11 a.m. to 2 p.m. Wednesday. Read more

 
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