INVESTOR ALERT: Brower Piven Commences an Investigation into the Proposed Sale of Memorial Resource Development Corp. & Encou...
17 Maio 2016 - 6:05PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Memorial Resource Development
Corp. (“Memorial Resource” or the “Company”) (Nasdaq: MRD) relating
to the proposed buyout of the Company by Range Resources Corp.
(“Range Resources”).
Under the terms of the agreement, Memorial Resource shareholders
are anticipated to receive 0.375 shares of Range Resources stock
for each share of Memorial Resource common stock held, representing
an approximate value of $15.75 a share. The transaction may
undervalue Memorial Resource and would result in no real gain or a
loss for many shareholders, especially given that the Company’s
52-week high was $20.60. Additionally, according to Yahoo! Finance,
at least one Wall Street analyst has issued a price target for
Memorial Resource stock at $23.00 per share.
The firm’s investigation seeks to determine, among other things,
whether the Company’s Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company’s shares of common
stock.
If you currently own common stock of Memorial Resource and
believe that the proposed buyout price is too low, or you would
like to learn more about the investigation being conducted by
Brower Piven, please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160517006671/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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