Faruqi & Faruqi, LLP is Seeking More Cash for the Shareholders of Crimson Exploration Inc. (CXPO)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Crimson Exploration Inc. (“Crimson” or the “Company”) (NASDAQ: CXPO) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Contango Oil & Gas Company (“Contango”) (NYSE: MCF) in a stock-for-stock deal valued at approximately $390 million. Under the terms of the proposed transaction, Crimson’s stockholders will receive 0.08288 shares of Contango common stock for each share of Crimson common stock they own. The consideration to be received by Crimson’s shareholders is valued at $3.19, based on the closing prices on April 29, 2013, the day before the announcement of the sale, while according to Yahoo! Finance, at least one financial analyst has set a price target of $6.00 for Crimson.
The investigation focuses on whether Crimson’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Crimson’s shareholders.
If you own common stock in Crimson and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.