According to the Complaint, Energy XXI Gulf Coast, Inc. ("Energy XXI" or the "Company") is an exploration and production company that is engaged in the development, exploitation, and acquisition of oil and natural gas properties in conventional assets in the U.S. Gulf Coast region, both offshore in the Gulf of Mexico and onshore in Louisiana and Texas.
This action stems from a proposed transaction announced on June 18, 2018 (the “Proposed Transaction”), pursuant to which Energy XXI will be acquired by Cox Oil and its affiliates.
On August 3, 2018, Defendants filed a proxy statement (the “Proxy Statement”) with the United States Securities and Exchange Commission (the “SEC”) in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement, which scheduled a stockholder vote on the Proposed Transaction for September 6, 2018, omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.
This case was voluntarily dismissed on September 19, 2018.