A class action lawsuit has been filed in the United States District Court for the Western District of Oklahoma, on behalf of all shareholders of Equal Energy Ltd. (“Equal Energy” or the “Company”) (NYSE:EQU) who held common stock on or before December 9, 2013, the day the Company agreed to be acquired, in connection with the proposed acquisition of the Company by Petroflow Energy Corporation.
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On December 9, 2013, Equal Energy announced that it had entered into an arrangement agreement (the "Arrangement Agreement") under which Petroflow will acquire all outstanding shares of stock of Equal Energy (the "Proposed Transaction"). Pursuant to the Proposed Transaction, for each share of Equal Energy common stock they currently own Equal Energy's stockholders will receive $5.43 in cash. The total value of the Proposed Transaction is approximately $230 million.
The complaint charges Equal Energy, its board of directors (the "Board"), and Petroflow with violations of the Securities Exchange Act of 1934 (the "Exchange Act") and breaches of fiduciary duties for failing to conduct an adequate and fair sales process prior to agreeing to the Proposed Transaction.Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw. If you wish to serve as lead plaintiff, you must move the Court no later than March 31, 2014 . 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. Attorney Advertising. (C) 2014 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.