Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Equal Energy Ltd.
31 Janvier 2014 - 2:42AM
Business Wire
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) today
announced that a class action has been commenced in the United
States District Court for the Western District of Oklahoma on
behalf of holders of Equal Energy Ltd. (“Equal”) (NYSE:EQU) common
shares on December 9, 2013, against Equal, its Board of Directors
(the “Board”) and Petroflow Energy Corporation and Petroflow Canada
Acquisition Corp. (collectively, “Petroflow”), in connection with
the proposed sale of Equal to Petroflow (the “Proposed
Acquisition”).
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff’s counsel, Darren Robbins of
Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at
djr@rgrdlaw.com. Any member of the putative class may move the
Court to serve as lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent class member.
The complaint alleges violations of §§14(a) and 20(a) of the
Securities Exchange Act of 1934 in connection with the Schedule 14A
preliminary information circular and proxy statement filed by Equal
with the SEC on December 31, 2013 (the “Preliminary Proxy”) and
disseminated to shareholders in connection with the Proposed
Acquisition. In addition, the complaint charges Equal, its Board
and/or Petroflow with breaches of fiduciary duty and/or aiding and
abetting breaches of fiduciary duty in connection with the Proposed
Acquisition. Equal is an oil and gas exploration and production
company incorporated in Alberta Canada and based in Oklahoma City,
Oklahoma.
On December 9, 2013, Equal announced it had entered into a
definitive arrangement agreement with Petroflow (the “Arrangement
Agreement”) under which Petroflow will acquire the Company for
$5.43 per share in cash. On December 31, 2013, defendants caused
the Company to file the Preliminary Proxy with the SEC advising
shareholders to approve the Arrangement Agreement and vote in favor
of the Proposed Acquisition. The complaint alleges that the
Preliminary Proxy contains false and misleading statements about:
(i) the Company’s current and future value; (ii) benefits that will
flow to Company insiders only as a result of the Proposed
Acquisition; (iii) details about the sales process and the
conflicts of interests faced by the persons involved; and (iv) the
financial analysis conducted by the Company’s financial advisor.
Unless defendants provide full and fair disclosure of information
regarding the Proposed Acquisition in the Preliminary Proxy, the
Company’s public shareholders will not be able to make an informed
decision on the Proposed Acquisition.
Plaintiff seeks injunctive and equitable relief on behalf of
holders of Equal common shares on December 9, 2013. The plaintiff
is represented by Robbins Geller, which has expertise in
prosecuting investor class actions and extensive experience in
actions involving financial fraud.
Robbins Geller represents U.S. and international institutional
investors in contingency-based securities and corporate litigation.
With nearly 200 lawyers in ten offices, the firm represents
hundreds of public and multi-employer pension funds with combined
assets under management in excess of $2 trillion. The firm has
obtained many of the largest recoveries in history and has been
ranked number one in the number of shareholder class action
recoveries in MSCI’s Top SCAS 50 every year since 2003. Please
visit http://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLPDarren Robbins, 800/449-4900
or 619/231-1058djr@rgrdlaw.com
Equal Energy Ltd. (NYSE:EQU)
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