On or around 08/02/2018 (Ongoing date of last review)
Filing Date: January 02, 2018
According to the Complaint, Interoil Corporation ("Interoil") was a publicly-traded oil and gas company listed on the New York Stock Exchange (the “NYSE”) prior to the acquisition of all of the issued and outstanding shares of InterOil by an affiliate of Exxon on or about February 22, 2017 (the “Acquisition”). InterOil engaged in the exploration, appraisal and development of hydrocarbon resources.
The Complaint alleges that in connection with the Acquisition, on January 13, 2017, Defendants issued the Management Information Circular for a Special Meeting of Holders of Common Shares, Options and Restricted Share Units of InterOil Corporation with Respect to an Arrangement Involving InterOil Corporation and Exxon Mobil Corporation, dated January 13, 2017 (the “Information Circular”), which contained material omissions and misstatements concerning the final appraisal well to be drilled prior to commencement of the Interim Resource Certification process and the actual value of the increase in the CRP cap. These omissions and misstatements were material to InterOil shareholders because they directly and significantly impacted the perceived value of the CRP and, thus, prevented InterOil shareholders from accurately valuing the CRP and casting an informed vote on the Acquisition.
On April 10, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 18.
Company & Securities Information
Defendant: Interoil Corporation
Industry: Oil & Gas - Integrated
Ticker Symbol: IOC
Company Market: New York SE
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
Kim C. Block, et al. v. Interoil Corporation, et al.