The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Venoco, Inc. (“Venoco”) (NYSE: VQ) and other violations of state law by the board of directors of Venoco relating to the proposed acquisition of the company by its Chairman and CEO Timothy Marquez through a wholly owned entity, Denver Parent Corporation (“Mr. Marquez”). The firm’s investigation seeks to determine, among other things, whether the board breached their fiduciary duties by failing to maximize shareholder value. On January 16, 2012, Venoco announced that they had entered into a definitive agreement with Mr. Marquez, through a wholly owned entity, Denver Parent Corporation. According to the announcement, Venoco shareholders – excluding Mr. Marquez and his affiliated entities – will receive $12.50 per share in cash upon completion of the transaction. However, according to Yahoo! Finance, at least one analyst has set a high price target of $20.00 per share. If you currently own shares of Venoco and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.
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.