Crimson Exploration Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Investigate Sale to Contango Oil & Gas
DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Crimson Exploration, Inc. ("Crimson") (NasdaqGM: CXPO) to Contango Oil & Gas Company for shareholders. Under the terms of the proposed sale, Crimson shareholders will only receive 0.08288 shares of Contango stock for each share of Crimson stock owned. Based upon the closing price of April 29, 2013, the total consideration is valued at approximately $3.19 per share, well below at least one analyst's estimated value of $6.00 per share.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, please contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, via email at WBriscoe@TheBriscoeLawFirm.com or Zach Groover at Powers Taylor, LLP, toll free (877) 728-9607, via email at email@example.com. There is no cost or fee to you.
The Crimson sale investigation centers on whether Crimson's shareholders are receiving adequate compensation for their shares in the proposed deal, whether the transaction undervalues Crimson's stock, and whether Crimson's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Notably, at least one analyst with Yahoo! Finance has estimated that the true inherent value of Crimson stock could be as high as $6.00 per share. Moreover, Crimson's 52-week high is $5.69, well above the proposed sale price. According to shareholder rights attorney Patrick Powers, "due to the size of the deal, analysts' estimates, the nature of a stock-for-stock transaction, the lack of a significant premium and other factors, we believe this transaction may undervalue Crimson's stock. Our proposed lawsuit will seek to obtain the highest share price for all shareholders."
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.
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