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Venoco, Inc. (VQ)



Faruqi & Faruqi, LLP Announces Investigation of Venoco, Inc. (VQ)

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Venoco, Inc. (“Venoco” or the “Company”) (NYSE: VQ) for potential breaches of fiduciary duties in connection with their conduct related to the proposed sale of the Company to its chief executive officer, Timothy Marquez, who already holds 50.3 percent of the Company’s stock, in an all-cash deal valued at about $770 million.  Under the terms of the proposed transaction, Venoco stockholders will receive $12.50 in cash per each share of Venoco they own, while, according to Yahoo! Finance, at least one financial analyst has set a price target of $20 for Venoco.

Whether Venoco’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 Venoco’s shares and by how much this proposed transaction undervalues the Company to the detriment of Venoco’s shareholders are the key focus of this investigation.

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Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330


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