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The law firm of Federman & Sherwood has initiated an investigation into Denver-based CREDO Petroleum Corporation (NASDAQ: CRED) (“CREDO”) with respect to possible breaches of fiduciary duty by the company’s officers and directors, as well as violations of state law, in connection with the proposed sale of CREDO to Austin-based Forestar Group Inc. (NYSE: FOR) (“Forestar”).
On June 4, 2012, CREDO announced that it had agreed to be acquired by Forestar, whereby Forestar would acquire all outstanding shares of CREDO common stock in a cash offer of approximately $146 million (or $14.50 per CREDO share).
Federman & Sherwood is investigating whether: (1) the information being provided to CREDO shareholders makes all necessary disclosures with respect to the proposed sales transaction; (2) whether the proposed sale to Forestar offers adequate long-term value to CREDO shareholders; and, (3) whether CREDO could have received a higher per share price for its shareholders had the officers and directors aggressively sought other purchasers for the company. The planned sale to Forestar is expected to close in the second half of 2012.
If you currently own common stock in CREDO Petroleum Corporation and purchased your shares before June 4, 2012; have information to assist in our investigation of this transaction; or, have any questions or concerns regarding this notice or preservation of your rights, please contact William B. Federman. Federman & Sherwood has extensive nationwide experience in representing investors in securities, derivative and merger-related shareholder class actions, and has been appointed as lead counsel in multiple complex cases.