Company Website:
http://www.johnsonandweaver.com
SAN DIEGO -- (Business Wire)
Shareholder rights law firm Johnson & Weaver, LLP has launched an
investigation into whether the board members of Dune Energy, Inc.
(OTCBB: DUNR) breached their fiduciary duties in connection with the
proposed sale of the Company to Eos Petro, Inc.
Additional Information:
Dune Energy is an independent energy company that acquires, explores
for, exploits, and develops crude oil and natural gas properties.
On September 18, 2014, Dune Energy announced it had signed a definitive
agreement with Eos Petro. Under the terms of the agreement, Eos Petro
will acquire all outstanding shares of Dune Energy for $0.30 per share
in cash.
The investigation concerns whether Dune Energy’s board failed to satisfy
their duties to the Company’s 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. The investigation also concerns potential conflicts of interest
as Dune Energy’s management may benefit from post-acquisition employment
or investment opportunities. Eos expects James Watt, Dune’s CEO, to
become the President and Chief Executive Officer of Eos at the closing
of the merger. The $.30 per share acquisition price is far less than
where the stock had traded several months ago at $1.90.
If you are a shareholder of Dune Energy and believe (1) the proposed
buyout price is too low or (2) the merger benefits management more than
the shareholders and (3) you are interested in learning more about the
investigation or your legal rights and remedies, please contact lead
analyst Jim Baker (jimb@johnsonandweaver.com)
at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law
firm with offices in California, New York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more information
about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
Attorney advertising. Past results do not guarantee future outcomes.
Contacts:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
Source: Johnson & Weaver, LLP
© 2024 Canjex Publishing Ltd. All rights reserved.