Case Page

 

Case Status:    DISMISSED    
On or around 08/24/2012 (Court's order of dismissal)

Filing Date: November 09, 2011

According to a complaint filed on November 09, 2011, the Defendants violated federal securities laws in connection with a proposed merger.

On October 17, 2011, the Company and the Bidder Company announced a definitive agreement whereby the Bidder would acquire the Company through a tender offer. The agreement offered $36.50 per share of the Company, a total valuation of $4.4 billion for the Company. The offer is scheduled to close on November 30, 2011.

The complaint alleges the board of directors violated their fiduciary duties in agreeing to a price that undervalues the Company and by imposing deal protection devices in the merger agreement. Specifically, the merger agreement includes a strict non-solicitation provision, a provision whereby the Bidder has three days to match any unsolicited offers from third parties, a termination fee of $136,550,000.00.

On October 28, 2011, the Company filed a Schedule 14D-9 Registration Statement to provide shareholder with material information and solicit votes for the merger. The complaint alleges that the Registration Statement omitted material information necessary for shareholders to make an informed decision whether to tender their shares pursuant to the merger agreement.

On August 24, 2012, the Court issued an Order approving the Stipulation of Voluntary Dismissal. This case was dismissed without prejudice.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas - Integrated
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BEXP
Company Market:
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Texas
DOCKET #: 11-CV-00961
JUDGE: Hon.Lee Yeakel
DATE FILED: 11/09/2011
CLASS PERIOD START: 10/17/2011
CLASS PERIOD END: 11/09/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Emmons & Jackson PC
    3990 Essex Ln at Weslayan. Ste 1116., Emmons & Jackson PC, TX 77027
    713.522.4435 713.527.8850 · info@emmonsjackson.com/
  2. Levi & Korsinsky, LLP
    30 Broad Street, 15 1h Floor, Levi & Korsinsky, LLP, NY 10004
    212.363.7500 212.363-7171 ·
No Document Title Filing Date