The Law Firm of Weiss & Lurie Investigates Brigham Exploration Company
18 Ottobre 2011 - 11:53PM
Business Wire
Weiss & Lurie, a national class action and shareholder
rights law firm with offices in New York City and Los Angeles, is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Brigham Exploration
Company (NASDAQ: BEXP) arising from its proposed acquisition by
Statoil ASA (NYSE: STO) for $36.50 per share in cash.
Under the agreement, Statoil will commence a tender offer for
all outstanding Brigham shares by October 31, 2011. The transaction
is expected to close in late 2011 or early 2012, subject to
customary conditions, including the tender of a majority of the
outstanding Brigham shares.
Weiss & Lurie is investigating whether Brigham’s Board acted
in the best interests of its shareholders in approving the
transaction. The Company has a sizable acreage position and, while
it is currently producing about 21,000 barrels of oil equivalent
per day, it has the potential to increase to 60,000 to 100,000
barrels a day over a five-year period. Numerous analysts set the
price target of Brigham above the price offered by Statoil, with at
least two, including Jefferies & Company, Inc., Brigham’s
financial advisor on the deal, setting a high target of $45.00 per
share. In fact, Brigham stock traded above the offer price as
recently as April 2011.
If you own Brigham shares and would like more information about
your rights as a shareholder or additional information concerning
our investigation, please contact Julia J. Sun either by email at
info@weisslurie.com or by telephone at (888) 593-4771.
Weiss & Lurie has litigated hundreds of stockholder class
and derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
institutions and individuals and obtained important corporate
governance in these cases. If you have information or would like
legal advice concerning possible corporate wrongdoing (including
insider trading, waste of corporate assets, accounting fraud, or
issuing materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at info@weisslurie.com or fill out the form on our
website, http://www.weisslurie.com/contact/report_fraud/.Attorney
Advertising. Past results do not guarantee a similar outcome.
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