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Harwood Feffer LLP (
www.hfesq.com) is investigating potential claims against the board of directors of Venoco, Inc. ("Venoco" or the "Company") (NYSE: VQ) concerning the proposed acquisition of the Company by the Company’s CEO and Chairman, Timothy Marquez in a transaction valued at approximately $382 million.
On August 29, 2011, it was announced that Marquez, who currently holds approximately 50.3% of the company’s stock, has offered $12.50 per share for the remaining outstanding shares. The Company’s shares have traded as high as $22.22 as recently as February 2, 2011 and at least one analyst has set a target for the stock of $22.00. Our investigation concerns whether the board of directors is undertaking a fair process, adequately shopping the Company, and disclosing all material information to shareholders before taking any action in connection with the proposed transaction.