On or around 09/27/2017 (Other)
Filing Date: February 22, 2017
According to the Complaint, on December 12, 2016, Seventy Seven Energy announced that it had entered into an Agreement and Plan of Merger (“Merger Agreement”), pursuant to which Patterson-UTI will acquire Seventy Seven Energy in exchange for newly issued shares of Patterson-UTI common stock (the “Proposed Transaction”). Pursuant to the terms of the Merger Agreement, Seventy Seven Energy shareholders will receive shares of Patterson-UTI common stock based upon an agreed upon exchange ratio (the “Exchange Ratio”)1. The Exchange Ratio will be 1.7725 if all outstanding Series A warrants of SSE are exercised for cash, no other warrants are exercised, no other shares of SSE are issued prior to closing and certain other assumptions occur.
The Complaint alleges the Exchange Ratio is insufficient and undervalues the Company in light of its recent financial performance and strong growth prospects.
Pursuant to a stipulation by the parties, this case was dismissed on May 31, 2017.
Company & Securities Information
Defendant: Seventy Seven Energy Inc.
Industry: Oil & Gas Operations
Headquarters: United States
Ticker Symbol: SSEIQ
Company Market: OTC-BB
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.
First Identified Complaint
Maria Comeaux, et al. v. Seventy Seven Energy Inc., et al.
COURT: W.D. Oklahoma
DOCKET #: 17-CV-00191
JUDGE: Hon. Vicki Miles-LaGrange
DATE FILED: 02/22/2017
CLASS PERIOD START: 12/12/2016
CLASS PERIOD END: 02/22/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Jones, Gotcher & Bogan, P.C.
Monteverde & Associates PC
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934
Stipulation and [Proposed] Order Concerning Plaintiff's Voluntary Dismissal of this Action and Plaintiff's Anticipated Application for an Award of Attorneys' Fees and Expenses
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available