San Diego, CA -- (SBWire) -- 12/10/2020 --An investor, who currently hold NYSE: WPX shares, filed a lawsuit in concerning with the takeover of WPX Energy, Inc. by Devon Energy.
Investors who purchased shares of WPX Energy, Inc. (NYSE: WPX) and currently hold any of those NYSE: WPX shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that WPX Energy, Inc filed to disclose information relevant to the proposed takeover.
On September 28, 2020, Devon Energy (NYSE: DVN) and WPX Energy, Inc. (NYSE: WPX) announced they have entered into an agreement to combine in an all-stock merger of equals transaction. Under the terms of the agreement, WPX Energy, Inc. shareholders will receive a fixed exchange ratio of 0.5165 shares of Devon common stock for each share of NYSE: WPX common stock owned. Based on a closing price of $8.82 per NYSE: DVN share on September 25, 2020, investors in WPX Energy, Inc. (NYSE: WPX) will receive a value of approximately $4.55 per NYSE: WPX share.
At least one analyst has set the high target price for NYSE: WPX shares at $19.00 per share and shares of WPX Energy, Inc. (NYSE: WPX) rose after the merger announcement in the open market to as high as $7.91 per share on November 24, 2020.
Certain Funds managed by EnCap Investments L.P. own approximately 27 percent of the outstanding shares of WPX and have already entered into a support agreement to vote in favor of the transaction.
Those who are current investors in WPX Energy, Inc. (NYSE: WPX) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio 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. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
WPX Energy, Inc. (NYSE:WPX) Investor Alert: Lawsuit in Connection with Merger Filed
A lawsuit was filed by an investor of WPX Energy, Inc. (NYSE:WPX) in connection with the proposed takeover.