DALLAS, Jan. 19, 2012 /PRNewswire/ -- Former United
States Securities and Exchange Commission attorney Willie Briscoe
and the securities litigation firm of Powers Taylor, LLP are
investigating the sale of Venoco, Inc. ("Venoco" or "VQ") (NYSE:
VQ) to Timothy Marquez, Venoco's
current Chief Executive Officer and Board of Directors Chairman,
through a wholly-owned entity, Denver Parent Corporation.
Under the proposed transaction, Venoco shareholders will receive
only $12.50 in cash for each share of
Venoco/VQ stock owned, which is well below the target price of
$20.00 per share announced by
analysts and significantly below the price that Venoco shares were
trading as recently as late July
2011.
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If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or
Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
The definitive acquisition agreement involves an all cash
transaction with a total enterprise value of approximately
$1.5 billion.
The investigation centers on whether Venoco shareholders are
receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues Venoco's stock, and whether
Venoco's board attempted to obtain the highest share price for all
shareholders prior to agreeing to the deal. More
specifically, Venoco shares closed at $14.75 per share as recently as July 22, 2011, and according to Yahoo! Finance,
at least one analyst has set a target rice of $20.00 per share for Venoco stock.
According to shareholder rights attorney Willie Briscoe, "Because this transaction
involves Venoco's current chairman and CEO, and due to the fact
that the price offered is below recent closing prices, and other
factors, we are concerned that the transaction significantly
undervalues Venoco stock."
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP