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March 28
1934 - Bouquet Canyon Reservoir, replacement for ill-fated St. Francis Dam & reservoir, begins to fill with water [story]
Bouquet Reservoir


Sharks go fishing in Placerita oil field owner's pond
| Friday, Feb 22, 2013

berry-logoIn the aftermath of Thursday’s announcement that Berry Petroleum Co.’s board of directors has agreed to sell the company to to Linn Energy in an all-stock transaction valued at nearly 20 percent over Berry’s then-current trading price, several law firms said Friday they’re “investigating” whether Berry’s directors couldn’t have gotten an even sweeter deal for the company’s shareholders.

It’s not unusual, when a large merger transaction is on the table, for law firms to join the party by sending out their phone numbers in hopes of attracting enough shareholders for a class-action suit.

Here are two examples of notices sent out Friday by various law firms, with the phone numbers omitted:

 

NEW YORK – Levi & Korsinsky is investigating the Board of Directors of Berry Petroleum Co. (“Berry” or the “Company”)  for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to an affiliate of Linn Energy LLC .

Under the terms of the transaction, Berry shareholders will receive 1.25 shares of LinnCo, LLC  stock for each share of Berry stock they own, representing a value of approximately $46.24 per share. The transaction has a total approximate value of $4.3 billion, including the assumption of debt. Upon completion of the merger, LinnCo will contribute the Berry assets to Linn in exchange for Linn units. The investigation concerns whether the Berry Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction. At least one analyst set a price target for Berry stock at $50.00 per share.

If you own common stock in Berry and wish to obtain additional information, please contact …

 

NEW YORK – Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Berry Petroleum Co. (“Berry” or the “Company”) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to an affiliate of Linn Energy LLC  in a deal valued at $4.3 billion. Under the terms of the proposed transaction, Berry’s stockholders will receive $46.24 for each share of Berry common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $50 for Berry.

The investigation focuses on whether Berry’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 Berry’s shareholders.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.

 

 

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