{West Virginia}...Lawyers for Alpha Natural Resources have asked Kanawha Circuit Judge Charles King to dismiss a lawsuit brought by Massey Energy shareholders who allege that Massey sold out to Alpha for much less than it was worth and was less than transparent about merger negotiations. Ron Rolfe, a New York lawyer representing Alpha Natural Resources Inc., says the plaintiffs have no case because they are no longer shareholders of Massey Energy. Rolfe says Massey is a Delaware company and, under Delaware law, shareholders suing a company must keep their shares in the company through the litigation process, and Massey only has one shareholder: Alpha Natural Resources. That law has a few exceptions, including one that allows shareholders to continue their lawsuit if a company enters into a merger agreement for the sole purpose of eliminating the shareholder's legal standing. Rolfe says the Massey lawsuit does qualify for that exception, since the Alpha-Massey merger didn't take place until seven months after the shareholders filed their complaint.
