Former United States Securities and Exchange Commission attorney Willie Briscoe is investigating potential claims against the Board of Directors of Penn Virginia Corporation (“Penn Virginia”) (NASDAQ: PVAC) concerning the acquisition by Denbury Resources Inc. (“Denbury”) (NYSE: DNR). Under the terms of the agreement, valued at approximately $1.7 billion, Penn Virginia shareholders will only receive 12.4 shares of Denbury and $25.86 in cash per Penn Virginia share owned. The consideration is significantly lower than at least one analyst’s estimated value of $110.00.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to our investigation of the fairness of the proposed transaction, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or by calling (888) 809-2750. There is no cost or fee to you.
The investigation centers on whether Penn Virginia’s Board of Directors is acting in the shareholders’ best interests, whether the board considered alternatives to the acquisition, and whether the board has employed an adequate process to review and act on the proposed transaction. Notably, at least one analyst with Yahoo! Finance believes the true inherent value of Penn Virginia could be as high as $110.00 per share.
The Briscoe Law Firm, PLLC is a full-service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters, including claims of investor and stockholder fraud, shareholder derivative suits, and securities class actions.