A lawsuit was filed by investor in shares of Resolute Energy Corporation (NYSE: REN) in connection with the proposed takeover and NYSE: REN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/01/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of Resolute Energy Corporation (NYSE: REN), in effort to stop the proposed takeover of Resolute Energy Corporation.
Investors who purchased shares of Resolute Energy Corporation (NYSE: REN) and currently hold any of those NYSE: REN 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: REN stockholders by agreeing to sell Resolute Energy Corporation. too cheaply via an unfair process.
Denver, CO based Resolute Energy Corporation, an independent oil and gas company, engages in the acquisition, exploitation, exploration for, and development of oil and gas properties in the United States.
On Nov. 19, 2018, Cimarex (NYSE: XEC) and Resolute Energy Corporation (NYSE: REN) announced that Cimarex has entered into an agreement to acquire Resolute Energy Corporation in a cash and stock transaction valued at $35.00 per share, or a total purchase price of approximately $1.6 billion, including Resolute's long term debt of $710 million, as of September 30, 2018.
However, plaintiff claims that the proposed consideration NYSE: REN shareholders will receive is grossly inadequate and undervalues Resolute Energy Corporation. Indeed, at least one analyst has se the high target price for NYSE: REN shares at $62.80 per share and NYSE: REN shares reached as recently as October 3, 2018 as high as $38.96 per share in the open market. Furthermore, Resolute Energy Corporation reported that its annual total revenue rose from $164.47 million in 2016 to $303.47 million in 2017 and that its Net Loss declined from $161.72 million in 2016 to $1.23 million in 2017. In addition, the plaintiff alleges that the process is also unfair NYSE: REN stockholders
Those who are current investors in Resolute Energy Corporation (NYSE: REN) 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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