Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Venoco, Inc. (“Venoco” or the “Company”) (NYSE: VQ) for potential breaches of fiduciary duties in connection with their conduct related to the proposed sale of the Company to its chief executive officer, Timothy Marquez, who already holds 50.3 percent of the Company’s stock, in an all-cash deal valued at about $770.2 million. Under the terms of the proposed transaction, Venoco stockholders will receive $12.50 in cash per each share of Venoco they own, while, according to Yahoo! Finance, at least one financial analyst has set a price target of $22 for Venoco. Furthermore, as recently as February, 2011, Venoco stock was trading as high as $22.46. Request more information now by clicking here: www.faruqilaw.com/VQ Whether Venoco’s Board of Directors is acting in accordance with their fiduciary duties to Venoco’s stockholders to conduct an adequate and fair sales process to sell the Company, whether Venoco’s Board of Directors is adequately negotiating a price increase for the proposed transaction, whether the proposed transaction undervalues Venoco’s shares and by how much this transaction undervalues the Company to the detriment of Venoco’s shareholders - are the key focus of this investigation. 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, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients. If you own common stock in Venoco and wish to obtain additional information, please visit us at www.faruqilaw.com/VQ or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330. Attorney Advertising. (C) 2011 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.
Venoco Incorporated (NYSE:VQ) is trading at unusually high volume Wednesday with 1.5 million shares changing hands. It is currently at 4.1 times its average daily volume and trading down $1.15 (-10.8%).
Shares of Venoco Incorporated (NYSE:VQ) were gapping up Tuesday morning with an open price 44.6% higher than Friday's closing price. The stock closed at $7.69 yesterday and opened today's trading at $11.12.
Venoco Incorporated (NYSE:VQ) hit a new 52-week low Thursday as it is currently trading at $6.66, below its previous 52-week low of $6.67 with 197,487 shares traded as of 2:54 p.m. ET. Average volume has been 362,000 shares over the past 30 days.