Faruqi & Faruqi, LLP Is Seeking More Cash For The Shareholders Of Magellan Petroleum Corporation (MPET)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Magellan Petroleum Corporation (“Magellan” or the “Company”) (NASDAQ: MPET) for potential breaches of fiduciary duties in connection with their conduct related to the proposed sale of the Company to Stratex Oil & Gas Holdings (OTCQB: STTX) in an all-cash deal valued at approximately $124 million. The proposed transaction offers Magellan’s stockholders $2.30 in cash for each share of Magellan common stock they own.
Whether Magellan’s Board of Directors is acting in accordance with their fiduciary duties to Magellan’s stockholders to conduct an adequate and fair sales process and review the proposed transaction and whether the proposed transaction undervalues the Company to the detriment of Magellan’s shareholders is the key focus of this investigation.
If you own common stock in Magellan and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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