According to the law firm press release, the complaint arises out of a May 6, 2014 press release announcing that Forest Oil had entered into a definitive merger agreement with Sabine, pursuant to which Forest Oil shareholders would receive 0.1 shares of Sabine, a privately held company, for each share of Forest Oil owned (the "Proposed Transaction"). The complaint seeks injunctive relief on behalf of the named plaintiffs and all other similarly situated shareholders of Forest Oil as of May 6, 2014 (the "Class").
The named plaintiffs allege that certain of the defendants, in connection with the Proposed Transaction, breached or aided and abetted the other defendants' breaches of their duties and obligations owed to Forest Oil shareholders. The complaint further alleges that, in an attempt to secure shareholder approval of the Proposed Transaction, the defendants filed a materially false and misleading registration statement on Form S-4 with the U.S. Securities and Exchange Commission in violation of the Exchange Act and their duties of candor and full disclosure. The omitted and/or misrepresented information is believed to be material to Forest Oil shareholders' ability to make an informed decision whether to approve the Proposed Transaction.
On October 3, 2014, the Court issued an Order appointing lead plaintiffs and approving the selection of lead
This case was administratively closed on October 14, 2014.