Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Venoco, Inc. (“Venoco” or the “Company”) (NYSE: VQ) relating to the offer by the Company’s chief executive officer. Under the terms of the offer Venoco shareholders would receive $12.50 cash for each share of Venoco stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Venoco for not acting in the Company’s shareholders' best interests in connection with the sale process as the chief operating officer of Venoco already holds 50.3 % of the company stock. The transaction may undervalue Venoco as stock traded at $22.06 as recently as February 3, 2011 and an analyst has set a price target of $22.00 for Venoco stock. If you own shares of Venoco stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org, visiting http://brodsky-smith.com/324-vq-venoco-inc.html, or by calling toll free 877-LEGAL-90.
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.