Wildhorse Resource Development Corporation Securities Litigation
On or around 02/11/2019 (Notice of voluntarily dismissal)
Filing Date: January 04, 2019
According to the Complaint, the Proposed Transaction was first disclosed on October 30, 2018, when WildHorse and Chesapeake Energy announced that they had entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which Chesapeake Energy will acquire all of the outstanding shares of common stock of WildHorse in a mix of cash and stock. Shareholders can elect to either receive 5.989 shares of Chesapeake Energy stock or 5.336 in stock and $3.00 in cash. The deal is valued at approximately $3.97 billion and is expected to close in the first half of 2019.
The Complaint alleges that Defendants caused a materially incomplete and misleading proxy statement to be filed with the Securities and Exchange Commission (“SEC”) on December 26, 2018. Specifically, the Complaint alleges that the Proxy contains materially incomplete and misleading information concerning the sales process, financial projections prepared by WildHorse management, as well as the financial analyses conducted by WildHorse’s financial advisors.
This case was voluntarily dismissed on February 11, 2019.
Company & Securities Information
Defendant: Wildhorse Resource Development Corporation
Industry: Oil & Gas Operations
Headquarters: United States
Ticker Symbol: WRD
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
Suryanarayanan Ranganathan, et al. v. Wildhorse Resource Development Corporation, et al.