BOSTON, April 25, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of GeoResources Inc. ("GeoResources" or the "Company") (Nasdaq: GEOI) concerning the proposed acquisition of the Company by privately-held Halcon Resources Corp. ("Halcon") for $37.97 per share, which values the Company at approximately $1 billion, and is less than a 20% premium over the Company's closing price the day before the proposed transaction was announced.
Block & Leviton's investigation seeks in part to determine whether GeoResources's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed transaction. The Company's shares traded as high as $35.97 per share as recently as March 19, 2012. Moreover, at least one analyst has a target price of $39.00 per share for GeoResources' common stock and specifically noted the Company's "strong year-end reserve growth."
If you are a GeoResources shareholder and have information relevant to this matter or have questions about your legal rights, please contact Jason M. Leviton of Block & Leviton at (617) 398-5620 or email him at [email protected].
Block & Leviton is a Boston-based law firm representing investors in cases involving violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases for over 50 years.
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SOURCE Block & Leviton LLP