Faruqi & Faruqi, LLP Announces Investigation of Brigham Exploration Co. (BEXP)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Brigham Exploration Co. (“Brigham” or the “Company”) (NASDAQ: BEXP), an independent exploration, development and production company, for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Statoil ASA (NYSE: STO) in an all-cash deal valued at about $4.4 billion. Under the terms of the proposed transaction, Brigham stockholders will receive $36.50 in cash for each share of Brigham common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $45 for Brigham. The proposed transaction is structured as a tender offer and may be effectuated without a shareholder vote.
Whether Brigham’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 Brigham’s shares and by how much this proposed transaction undervalues the Company to the detriment of Brigham’s shareholders are the key focus of this investigation.
If you own common stock in Brigham 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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