SHAREHOLDER ALERT: Brower Piven Announces Class Action Lawsuit in Connection With Claims of Breaches of Fiduciary Duty by the Board of Directors of EPL Oil & Gas, Inc. in Connection With the Sale of the Company to Energy XXI -- EPL
(GlobeNewswire Via Acquire Media NewsEdge) STEVENSON, Md., March 24, 2014 (GLOBE NEWSWIRE) -- The securities litigation firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the Delaware Chancery Court on behalf of all common stockholders of EPL Oil & Gas, Inc. ("EPL" or the "Company") (NYSE:EPL) asserting claims that the members of the Company's board of directors have breached fiduciary duties they owe to EPL shareholders.
Under the terms of the transaction, EPL shareholders may elect to receive either $39.00 in cash, 1.669 common shares of Energy XXI, or $25.35 in cash plus 0.584 common shares of Energy XXI for each share of EPL common stock they own. The claims asserted in the lawsuit concern whether the Company's Board of Directors breached their fiduciary duties to stockholders by failing to maximize shareholder value before agreeing to enter into this transaction, and whether Energy XXI is underpaying for EPL shares. According to Yahoo! Finance, at least one analyst following EPL has set a target price of $44.00 per share.
If you currently own common stock of EPL and would like to learn more about this lawsuit and your ability to participate as a plaintiff, without cost or obligation to you, click here: http://www.browerpiven.com/currentinvestigations.html.
You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.
CONTACT: Brower Piven, A Professional Corporation
1925 Old Valley Road, Stevenson, Maryland
Charles J. Piven
Source: Brower Piven, A Professional Corporation
2014 GlobeNewswire, Inc.
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