According to the Complaint, WPX Energy, Inc. is an independent energy producer with core positions in the Permian and Williston basins.
On December 15, 2019, WPX Energy, Inc.’s Board of Directors caused the Company to enter into a securities purchase agreement with Felix Investments Holdings II, LLC. Pursuant to the terms of the Purchase Agreement, WPX will purchase 100% of the issued and outstanding membership interests of Felix Energy Holdings II, LLC for $2.5 billion, consisting of $900 million in cash and 152,963,671 shares of WPX common stock.
On February 5, 2020, Defendants filed a proxy statement with the United States Securities and Exchange Commission, which recommends that the Company’s stockholders vote to approve the Proposed Transaction at a special meeting of stockholders scheduled for March 5, 2020. The Complaint alleges that the Proxy Statement omits material information, which renders the Proxy Statement false and misleading.
This case was voluntarily dismissed on March 6, 2020.