NEW YORK, April 24, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of EPL Oil & Gas, Inc. ("EPL" or "the Company") (NYSE:EPL) of claims of breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Energy XXI ("XXI") (Nasdaq:EXXI). A complaint was filed in Delaware state court.
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Under the terms of the transaction, EPL shareholders may elect to receive either $39.00 in cash, 1.669 common shares of Energy XXI, or $25.35 in cash plus 0.584 common shares of Energy XXI for each share of EPL common stock they own. The claims concern whether the EPL Board breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Energy XXI is underpaying for EPL shares. In particular, at least one analyst set a price target for EPL stock at $44.00 per share.
If you own EPL common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/epl-oil-epl.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP