Rigrodsky & Long, P.A. Announces Investigation Of Crimson Exploration Inc. Buyout
WILMINGTON, Del., May 6, 2013 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you own shares of Crimson Exploration Inc. (NASDAQ GM: CXPO)?
- Did you purchase any of your shares prior to April 30, 2013?
- Do you think the proposed buyout price is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Crimson Exploration Inc. ("Crimson" or the "Company") (NASDAQ GM: CXPO) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Contango Oil & Gas Company ("Contango") (NYSE MKT: MCF) in a transaction valued at approximately $146 million.
Click here to learn more: http://www.rigrodskylong.com/investigations/crimson-exploration-inc-cxpo.
Under the terms of the proposal, public shareholders of Crimson will receive 0.08288 shares of Contango for each share of Crimson they own. Based upon Contango's closing stock price of $38.50 on April 29, 2013, Crimson shareholders would have received consideration valued at approximately $3.19 per share.
The investigation concerns whether Crimson's board of directors failed to adequately shop the Company and obtain the best possible value for Crimson's shareholders before entering into an agreement with Contango. According to Yahoo! Finance, at least one analyst has set a price target for Crimson stock at $6.00.
If you own the common stock of Crimson and purchased your shares before April 30, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth Rigrodsky or Brian Long at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, Delaware 19803, by telephone at (302) 295-5310, or Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530, by telephone at (888) 969-4242; by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/crimson-exploration-inc-cxpo.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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