An investigation on behalf of investors in NYSEMKT:ERN shares over potential wrongdoing at Erin Energy was announced and NYSEMKT:ERN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/02/2016 -- A shareholder in Erin Energy Corp (NYSEMKT:ERN) filed a lawsuit against the CEO and certain directors of Erin Energy in connection with oil leases in Africa.
Investors who purchased shares of Erin Energy Corp (NYSEMKT:ERN) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff claims that the CEO of Erin Energy Corp strong-armed Erin Energy Corp to overpay by almost $200 million for oil leases off the coast of Nigeria in an area called the Oyo Field in a $416 million deal that benefited Allied Energy Plc, another company controlled him. The plaintiff also claims that certain directors failed to protect the negotiations from the CEO's undue influence and then sent out the transaction proxy which misleadingly portrays the deal process as pristine.
On February 29, 2016, NYSEMKT:ERN shares closed at $2.42 per share.
Those who purchased shares of Erin Energy Corp (NYSEMKT:ERN) 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