NEW YORK, March 6, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Berry Petroleum Co. ("Berry" or the "Company") (NYSE:BRY) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to an affiliate of Linn Energy LLC ("Linn") (Nasdaq:LINE). A complaint was filed in Colorado federal court.
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Under the terms of the transaction, Berry shareholders will receive 1.25 shares of LinnCo, LLC (Nasdaq:LNCO) stock for each share of Berry stock they own, representing a value of approximately $46.24 per share. The transaction has a total approximate value of $4.3 billion, including the assumption of debt. Upon completion of the merger, LinnCo will contribute the Berry assets to Linn in exchange for Linn units. The claims concern whether the Berry Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction. At least one analyst set a price target for Berry stock at $50.00 per share.
If you own common stock in Berry and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://zlk.9nl.com/berry-petroleum-bry/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has 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