Faruqi & Faruqi, LLP Announces Investigation of GeoResources, Inc. (GEOI)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of GeoResources, Inc. (“GeoResources” or the “Company”) (NASDAQ: GEOI) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Halcón Resources Corporation (“Halcon Resources”) (NYSE: HK) in a cash-and-stock transaction valued at approximately $952.56 million. Under the terms of the proposed transaction, GeoResources shareholders will receive $20.00 in cash and 1.932 shares of Halcón Resources common stock for each share of GeoResources common stock they hold, representing consideration to GeoResources stockholders of $39.71 per share based on the closing price of Halcón Resources common stock on April 25, 2012, while according to Yahoo! Finance, at least one financial analyst has set a price target of $43.00 for GeoResources.
Whether GeoResources’ 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 GeoResources’ shares and by how much this proposed transaction undervalues the Company to the detriment of GeoResources’ shareholders are the key focus of this investigation.
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Juan E. Monteverde
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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