In 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.
Los Angeles County Public Health officials on Friday confirmed 32 new deaths and 1,238 new cases of COVID-19 countywide, with 35,524 total cases in the Santa Clarita Valley. Additionally, Public Health announced that eligible Los Angeles County residents can begin receiving their booster doses at any of the hundreds of sites offering the Pfizer vaccine.
Los Angeles County announced it is now administering Pfizer booster third doses after the Centers for Disease Control and Prevention Director Rochelle P. Walensky endorsed the CDC Advisory Committee on Immunization Practices’ recommendation for a booster dose of the Pfizer COVID-19 vaccine in several population groups. The CDC also recommended a booster dose for those in high-risk occupational and institutional settings.
Officials from Henry Mayo Newhall Hospital are once again urging those eligible to get vaccinated, as the hospital is experiencing a marked influx of COVID-19 patients, hospital spokesman Patrick Moody said Thursday.
A “significant amount of smoke” from the Windy and KNP Complex fires northeast of Bakersfield in the Sequoia National Forest have entered the Los Angeles area, according to a Thursday morning tweet from the U.S. National Weather Service Los Angeles.
College of the Canyons is continuing its tradition of inviting community groups to experience Cougar football during the 2021 season, with all healthcare workers and first responders invited to attend Saturday’s game vs. Palomar College free of charge.
The Santa Clarita chapter of the American Cancer Society is excited to announce its annual leading fundraiser of the year — Relay For Life - will take place on Saturday, Oct. 2, at the Westfield Town Center Mall, from 11:00 a.m. to 9:00 p.m.
SACRAMENTO — State Superintendent of Public Instruction Tony Thurmond proudly recognized Betty Reid Soskin, a pioneering Bay Area civil rights activist and the oldest living National Park Ranger serving in the United States, as an Ambassador to California Education on her 100th birthday.
College of the Canyons and the Santa Clarita Environmental Education Consortium, SCEEC, will virtually host the 2021 Green STEM Summit on Saturday, Oct. 9 with the purpose of introducing students to green careers.