SOURCE: Shareholders Foundation, Inc.

Shareholders Foundation, Inc.

November 02, 2011 09:35 ET

Brigham Exploration Company Investor Lawsuit Against Takeover by Statoil ASA Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Nov 2, 2011) - The Shareholders Foundation, Inc. announces that an investor filed a lawsuit in State Court for current investors in the Brigham Exploration Company (BEXP) in effort to block the proposed takeover of Brigham Exploration Co. by Statoil ASA.

Those who currently are investors in shares of the Brigham Exploration Company (BEXP) and purchased BEXP shares before October 17, 2011, should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

On, Monday, October 17, 2011, Brigham Exploration Company (BEXP) and Statoil ASA announced that the companies have entered into a merger agreement for Statoil ASA to acquire Brigham Exploration Company for US$36.50 per share.

However, the plaintiff alleges that the defendants breached their fiduciary duties arising out of the attempt to sell Brigham Exploration Company too cheaply via an unfair process to Statoil ASA.

The plaintiff claims that the offer undervalues the company and says the offer doesn't reflect the true value of Brigham Exploration Company. In fact, BEXP stocks traded as recently as April 5, 2011 as high as $37.35 per share, thus above the offer. In addition, at least one analyst has set a price target as high as $45.00 for BEXP stocks.

Furthermore, the plaintiff alleges that defendants have exacerbated their breaches of fiduciary duties by agreeing to deal protection devises, such as a matching right, a $136.55 million termination fee, and a strict no-solicitation provision, that preclude other bidders from making a successful competing offer for Brigham Exploration Company.

Those who currently are investors in shares of the Brigham Exploration Company (BEXP) and purchased their shares before the announcement should contact the Shareholders Foundation, Inc.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108