Venoco, Inc.

Robbins Umeda LLP Announces an Investigation of Venoco, Inc.

Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Venoco, Inc. (NYSE: VQ) in connection with their efforts to sell the company to Timothy M. Marquez, Venoco’s Chairman and CEO.

On August 29, 2011, Venoco announced that it had received a non-binding proposal letter from Mr. Marquez, the holder of approximately 50.3% of Venoco’s stock, to acquire all outstanding shares of the company in an all cash transaction.  According to the proposal letter from Mr. Marquez, shareholders would receive $12.50 for each share of Venoco they own. 

Robbins Umeda LLP’s investigation focuses on whether Venoco’s board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company’s recent positive financial results.  On August 2, 2011, Venoco announced second quarter 2011 adjusted earnings per share of $0.25, above analyst estimates of $0.22 per share.  Additionally, Venoco traded at $13.00 per share, higher than the offer price, as recently as August 1, 2011.  Earlier this year, on February 2, 2011, Venoco traded as high as $22.46 and closed at $22.22.  Furthermore, at least ten analysts have set price targets for Venoco that value the company’s stock from $14.00 to $24.00 per share, a range of value higher than offered by Mr. Marquez.

If you own stock in Venoco and would like more information about your shareholder rights, please complete the form below and we will contact you directly.  We also welcome you to call us at 800-350-6003.

 

Shareholder Information

Items marked with an asterisk (*) are required information.

First Name * Last Name *
Address City State/Province *
ZIP/Postal Code Country/Region Phone *
E-mail * Confirm: E-mail *

Shares Purchased:
Number of Shares: Buy Date : Price Per Share:
example: 125 example: MM/DD/YYYY example: 30.00
transaction:
transaction:
transaction:
transaction:
transaction:
If you have additional transactions or comments, please input the information below:

Shares Sold:
Number of Shares: Buy Date : Price Per Share:
example: 125 example: MM/DD/YYYY example: 30.00
transaction:
transaction:
transaction:
transaction:
transaction:
If you have additional transactions or comments, please input the information below:

Please Note: Neither the submission to nor the receipt of information by Robbins Umeda LLP or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

* I have read the disclaimer information

    Send This Post

    Tags: