SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

August 31, 2011 18:33 ET

The Law Firm of Levi & Korsinsky, LLP Notifies Shareholders of Claims of Breaches of Fiduciary Duty by the Board of Venoco, Inc. in Connection With the Going Private Offer From the Company's CEO

NEW YORK, NY--(Marketwire - Aug 31, 2011) - Levi & Korsinsky notifies shareholders of Venoco, Inc. ("Venoco" or the "Company") (NYSE: VQ) of claims of breaches of fiduciary duty and other violations of state law against the Board of Directors of the Company in connection with the proposed acquisition of the Company. Venoco's Chairman and CEO, Timothy Marques, has proposed to acquire the remaining shares of Venoco that he does not already own for $12.50 per share. Marques currently owns 50.3% of Venoco's shares. A complaint was filed in Delaware state court.

Click here to learn more about the investigation: http://www.zlk.com/venoco-vq, or call: 877-363-5972.

The claims concern whether the Board is acting in Venoco shareholders' best interests in connection with the proposed sale, and whether the consideration to be paid to Venoco shareholders is unfair, inadequate, and substantially below the fair and inherent value of Venoco stock. In particular, Venoco shares have traded as high as $14.75 per share as recently as July 22, 2011. Furthermore, at least one analyst set a price target for Venoco stock at $22.00 per share.

If you own common stock in Venoco and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com