Venoco, Inc. : Law Firm Brower Piven Announces Investigation of Venoco, Inc.
01/19/2012| 04:35pm US/Eastern
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The law firm of Brower Piven, A Professional Corporation, has commenced
an investigation into possible breaches of fiduciary duty to current
shareholders of Venoco, Inc. ("Venoco") (NYSE: VQ) and other violations
of state law by the board of directors of Venoco relating to the
proposed acquisition of the company by its Chairman and CEO Timothy
Marquez through a wholly owned entity, Denver Parent Corporation ("Mr.
Marquez"). The firm's investigation seeks to determine, among other
things, whether the board breached their fiduciary duties by failing to
maximize shareholder value.
On January 16, 2012, Venoco announced that they had entered into a
definitive agreement with Mr. Marquez, through a wholly owned entity,
Denver Parent Corporation. According to the announcement, Venoco
shareholders - excluding Mr. Marquez and his affiliated entities - will
receive $12.50 per share in cash upon completion of the transaction.
However, according to Yahoo! Finance, at least one analyst has set a
high price target of $20.00 per share.
If you currently own shares of Venoco and would like to learn more about
the investigation being conducted by Brower Piven, you may email or call
Brower Piven, who will, without obligation or cost to you, attempt to
answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com,
by calling 410/415-6616, or at Brower Piven, A Professional Corporation,
1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower
Piven have combined experience litigating securities and other class
action cases of over 60 years.
Brower Piven, A Professional Corporation
Stevenson, Maryland
Charles
J. Piven, 410-415-6616
hoffman@browerpiven.com
© Business Wire 2012
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