Key Developments: Crimson Exploration Inc (CXPO.W)
3.13USD
20 May 2013
$0.09 (+2.96%)
$3.04
$3.07
$3.13
$3.07
400
230
$5.12
$2.49
Latest Key Developments (Source: Significant Developments)
Law Office of Brodsky & Smith, LLC Announces Investigation Of Crimson Exploration Inc
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Crimson Exploration Inc relating to the proposed acquisition by Contango Oil & Gas Company (Contango). The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Crimson for not acting in the Company`s shareholders' best interests in connection with the sale process. Full Article
Zeldes Haeggquist & Eck, LLP Announces Investigation Of Crimson Exploration Inc Acquisition By Contango Oil & Gas Company
Zeldes Haeggquist & Eck, LLP, a shareholder and consumer rights litigation firm, announced that it has commenced an investigation into possible legal claims against the Board of Directors of Crimson Exploration Inc regarding possible breaches of fiduciary duties and other violations of law related to Crimson`s entry into an agreement to be acquired by Contango Oil & Gas Company in an all-stock transaction. Full Article
Crimson Exploration Inc Issues Q2 2013 Production Guidance
Crimson Exploration Inc announced that for the second quarter of 2013, it expects production to be in the range of 39,000 -- 41,000 mcfe per day. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of Crimson Exploration Inc
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Crimson Exploration Inc regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Contango Oil & Gas Company in a transaction valued at approximately $146 million. Under the terms of the proposal, public shareholders of Crimson will receive 0.08288 shares of Contango for each share of Crimson they own. Based upon Contango's closing stock price of $38.50 on April 29, 2013, Crimson shareholders would have received consideration valued at approximately $3.19 per share. The investigation concerns whether Crimson's board of directors failed to adequately shop the Company and obtain the best possible value for Crimson's shareholders before entering into an agreement with Contango. Full Article
Law Office of Brodsky & Smith LLC Announces Investigation Of Crimson Exploration Inc
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Crimson Exploration, Inc. (Crimson or the Company) relating to the proposed acquisition Contango Oil & Gas Company. Under the terms of the transaction, Crimson shareholders will receive only 0.08288 shares of Contango stock for each share of Crimson stock they own. The transaction values Crimson stock at approximately $3.19 per share. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Crimson for not acting in the Company's shareholders' best interests in connection with the sale process. The transaction may undervalue Crimson and will result in loss for many Crimson shareholders. For example, Crimson stock traded at $4.85 per share as recently as September 14, 2012 and traded at $5.45 per share on April 30, 2012. In addition, an analyst has set a price target for Crimson stock at $6.00 per share. Full Article
Kahn Swick & Foti, LLC Investigates Crimson Exploration Inc
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (KSF) announced that KSF has commenced an investigation into the Board of Directors of Crimson Exploration Inc in connection with their conduct related to the sale of the Company to Contango Oil & Gas Company. Under the terms of the proposed transaction, shareholders of Crimson will receive .08288 shares of Contango stock (an implied price of $3.19) for each share of Crimson common stock that they own. KSF`s investigation is focusing on whether Crimson and/or its officers and directors secured sufficient value for the shareholders of the Company, violated their fiduciary duties, and/or violated state or federal securities laws. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Crimson Exploration Inc
Faruqi & Faruqi, LLP announced that it is investigating the Board of Directors of Crimson Exploration Inc for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Contango Oil & Gas Company in a stock-for-stock deal valued at approximately $390 million. Under the terms of the proposed transaction, Crimson's stockholders will receive 0.08288 shares of Contango common stock for each share of Crimson common stock they own. The consideration to be received by Crimson's shareholders is valued at $3.19, based on the closing prices on April 29, 2013, the day before the announcement of the sale, while according to Yahoo! Finance, at least one financial analyst has set a price target of $6.00 for Crimson. The investigation focuses on whether Crimson's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Crimson's shareholders. Full Article
Briscoe Law Firm And Powers Taylor, LLP Investigate Sale Of Crimson Exploration Inc To Contango Oil & Gas
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 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. 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. Full Article
Levi & Korsinsky Announces Investigation Of Crimson Exploration Inc
Levi & Korsinsky announced that it is investigating the Board of Directors of Crimson Exploration Inc. (Crimson or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Contango Oil & Gas Company (Contango). Under the terms of the transaction, Crimson shareholders will receive 0.08288 shares of Contango stock for each share of Crimson stock they own, representing a value of approximately $3.19 per share. The investigation concerns whether the Crimson Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether Contango is underpaying for Crimson stock, thus unlawfully harming Crimson stockholders. In particular, Crimson shares have traded as high as $3.55 per share as recently as April 11, 2013. Furthermore, at least one analyst set a price target for Crimson stock at $6.00 per share. Full Article
Crimson Exploration Inc Commences Investigation Into Acquisition Of Crimson Exploration Inc By Contango Oil & Gas Company
The law firm of Wohl & Fruchter LLP announced it is investigating the proposed acquisition of Crimson Exploration Inc by Contango Oil & Gas Company (Contango). On April 30, 2013, Crimson announced that it had agreed to be acquired by Contango in an all-stock transaction. Under the merger agreement, each share of Crimson stock will be converted into 0.08288 shares of Contango stock. Based on Contango`s closing stock price on April 29, 2013, the transaction represents an implied price per share for Crimson of $3.19, a premium of less than 8% over the closing price of Crimson stock on April 29, 2013. Full Article
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