Faruqi & Faruqi, LLP Announces Investigation of Complete Production Services, Inc. (CPX)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Complete Production Services, Inc. (“Complete” or the “Company”) (NYSE: CPX) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Superior Energy Services, Inc. (“Superior”) (NYSE: SPN) in a cash and stock deal valued at about $2.7 billion. Under the terms of the proposed transaction, Complete stockholders will receive 0.945 common shares of Superior and $7 in cash in exchange for each share of Complete common stock they own, with a combined value of $30.62 per share as of Thursday’s close. According to Yahoo! Finance, at least one financial analyst has set a price target of $55 for Complete.
Whether Complete’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 the proposed transaction undervalues Complete’s shares and by how much this proposed transaction undervalues the Company to the detriment of Complete shareholders are the key focus of this investigation.
If you own common stock in Complete and wish to obtain additional information, 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.
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