Wohl & Fruchter LLP Announces Lawsuit Filed on Behalf of Crimson Exploration Shareholders Challenging the Merger of Crimson E...
13 Maggio 2013 - 5:05PM
Business Wire
The law firm of Wohl & Fruchter LLP announces that a class
action lawsuit has been filed in the Court of Chancery of the State
of Delaware on behalf of the public stockholders of Crimson
Exploration Inc. (Crimson) (NASDAQ: CXPO) against Crimson’s Board
of Directors (Board) for breaches of fiduciary duties arising out
of its attempt to sell Crimson to Contango Oil & Gas Company
(Contango) by means of an unfair process and for an unfair
price.
Any CXPO shareholder wishing to discuss this lawsuit or having
any questions concerning your rights or interests, may contact our
Firm by calling 866.582.8140, or contacting the attorney below.
The complaint in the lawsuit alleges that the consideration
offered to Crimson shareholders in connection with the proposed
merger significantly undervalues Crimson in light of the
substantial upside potential of Crimson’s drilling locations,
including oil wells in the Woodbine and Buda plays in Texas.
The complaint further alleges that, instead of looking out for
the interests of shareholders, Defendant Allan D. Keel, Crimson’s
CEO and President, and Mr. E. Joseph Grady, Crimson’s CFO, looked
out for their own interests by negotiating new employment
agreements to continue in their current roles at the combined
company.
Finally, the complaint alleges that, under the merger agreement,
the Crimson Board agreed to onerous deal protection devices that
operate to make the proposed merger virtually a fait accompli and
ensure that no competing offers are likely to emerge for Crimson,
including a strict “no shop” provision and a $7 million termination
fee payable to Contango if Crimson pursues a competing offer.
Additional information is available
at http://www.wohlfruchter.com/cases/cxpo.
Crimson shareholders with questions about the lawsuit, and their
rights, are invited to contact our Firm by calling 866.582.8140, or
contacting the attorney below.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation
arising from fraud and other fiduciary breaches by corporate
managers, as well as other complex litigation matters. Please visit
our website, www.wohlfruchter.com, to learn more about our Firm, or
contact one of our partners.
This release may be deemed to constitute attorney
advertising.
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