A lawsuit was filed for investors in shares of Newfield Exploration Company (NYSE: NFX) in connection with the proposed takeover and NYSE: NFX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/07/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of Newfield Exploration Company (NYSE: NFX), filed a lawsuit against the takeover of Newfield Exploration Company.
Investors who purchased shares of Newfield Exploration Company (NYSE: NFX) and currently hold any of those NYSE: NFX shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: NFX stockholders by agreeing to sell Newfield Exploration Company cheaply via an unfair process.
The Woodlands, TX based Newfield Exploration Company, an independent energy company, engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids in the United States. On Nov. 01, 2018, Encana Corporation (Encana) (TSX, NYSE: ECA) and Newfield Exploration Company (Newfield) (NYSE: NFX) announced that they have entered into an agreement whereby Encana will acquire all of the outstanding shares of common stock of Newfield in an all-stock transaction valued at approximately $5.5 billion. Under the terms of the merger agreement, Newfield shareholders will receive 2.6719 Encana common shares for each share of Newfield common stock, or a value of approximately $27.36 per share.
However, plaintiff claims that the proposed consideration NYSE: NFX shareholders will receive is grossly inadequate and undervalues Newfield Exploration Company. Indeed, at least one analyst has set the high target price at $60.00 per share. Newfield Exploration Company reported that its annual Total Revenue rose from over $1.47 billion in 2016 to over $1.76 billion in 2017 and that its Net Loss of over $1.23 billion in 2016 turned into a Net Income of $427.00 million in 2017. In addition, the plaintiff alleges that the process is also unfair NYSE: NFX stockholders
Shares of Newfield Exploration Company (NYSE: NFX) closed on November 7, 2018 at $21.89 per share.
Those who are current investors in Newfield Exploration Company (NYSE: NFX) shares have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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