WildHorse Resource Development Corporation is an independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas and NGL properties primarily in the Eagle Ford Shale in East Texas and the Over-Pressured Cotton Valley in North Louisiana.

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.