Robbins Umeda LLP Announces an Investigation of GeoResources, Inc.
26 Abril 2012 - 3:59PM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of the law by members of the board of directors of
GeoResources, Inc. (NASDAQ: GEOI) in connection with their efforts
to sell the company to Halcon Resources Corporation (NYSE: HK).
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Gregory E. Del
Gaizo at (800) 350-6003, info@robbinsumeda.com, or via the
shareholder information form on the firm's website.
On April 25, 2012, GeoResources announced that it had entered
into a definitive merger agreement to be acquired by Halcon.
According to the terms of the deal, Halcon will acquire all
outstanding shares of the company through a cash and stock
transaction. Pursuant to the agreement, GeoResources shareholders
will receive $20.00 in cash and 1.932 shares of Halcon common stock
for each share of the GeoResources they own. The transaction is
expected to close during the third quarter of 2012.
Robbins Umeda LLP's investigation focuses on whether the board
of GeoResources is undertaking a fair process to obtain maximum
value and adequately compensate shareholders in light of the
company's recent financial results. On March 13, 2012, GeoResources
reported financial results that showcased record revenue, EBITDAX,
and adjusted net income for the full year and fourth quarter of
2011. Specifically, the company reported that during the fourth
quarter of 2011 revenue increased 51.7% to $41.1 million, EBITDAX
increased 77.5% to $26.8 million and Net Income increased 98.9% to
$10.6 million over financial results reported for the fourth
quarter of 2010. Additionally, GeoResources reported that during
the fourth quarter of 2011 EPS increased 57.7% to $0.41, compared
to EPS of only $0.205 during the same quarter in the previous
year.
Furthermore, as many as six leading market analysts have
released target prices for GeoResources that value the company's
stock between $38.00 and $43.00 per share, considerably higher than
the value currently being offered by Halcon as a part of the
proposed transaction. Given these target prices and the company's
impressive financial results, Robbins Umeda LLP is examining the
board's decision to sell GeoResources rather than allow
shareholders to continue to participate in the company's continued
success and future growth prospects.
Robbins Umeda LLP attorneys highlight that GeoResources
shareholders have the option to file a class action lawsuit against
the company to secure the best possible price for the company's
shareholders and the disclosure of material information to
shareholders so they can vote on the transaction in an informed
manner.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/georesources-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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