NEW YORK, March 14, 2017 /PRNewswire/ -- Notice is hereby given that Monteverde & Associates PC has filed a class action lawsuit in the United States District Court for Western District of Oklahoma, case no. 5:17-cv-00191, on behalf of shareholders of Seventy Seven Energy, Inc. ("Seventy Seven Energy" or the "Company") (OTCMKTS: SVNT) who held Seventy Seven Energy securities and have been harmed by Seventy Seven Energy and its board of directors' (the "Board") for alleged violations of Sections 14(a), and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the sale of the Company to Patterson-UTI Energy, Inc. (PTEN).
Pursuant to the terms of the Merger Agreement, Seventy Seven Energy stockholders stand to receive 1.7725 Shares of Patterson-UTI common stock for every Seventy Seven Energy share they own (the "Merger Consideration"). The complaint alleges that this offer is inadequate and alleges that the Registration Statement in Form S-4 (the "Proxy") provides materially incomplete and misleading information about the Company's financials and the transaction, in violation of Sections 14(a), and 20(a) of the Exchange Act.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Click here for more information: www.monteverdelaw.com/investigations/m-a/ It is free and there is no cost or obligation to you.
Monteverde & Associates PC is a boutique class action securities and consumer litigation law firm committed that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates PC lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct.
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. 59th Floor
New York, NY 10118
United States of America
Tel: (212) 971-1341
Attorney Advertising. (C) 2017 Monteverde & Associates PC. Prior results do not guarantee a similar outcome with respect to any future matter.
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SOURCE Monteverde & Associates PC