SEC would be concerned with whether there was adequate disclosure (which there may or may not be based on the nature of the alleged suits), but wouldn't (I susepct) opine about legalities of shareholder governance. That would be a state law issue, here Nevada law.

I am not familiar with NV corporate law, but would imagine a shareholder or a director could bring a claim if there was inadequate process.

If I were funding drilling, I would have the company represent that there were no such outstanding litigation claims and couple my funding with a security interest over the claims. In that scenario, the funding entity could take the claims should the company implode in a squabble. Folks would be left arguing over crumbs.