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American Oil & Gas Inc. Investors File Lawsuit

  • If you are a current investor in American Oil & Gas Inc. (AMEX:AEZ) shares, who purchased your AEZ stock prior to Wednesday, July 28, 2010, and/or have information relating the investigation, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
American Oil & Gas, Inc.
Security
AMEX: AEZ

Case Name
American Oil & Gas Deal Case 08/03/2010
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the District of Colorado

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Summary

An investor in AEZ shares filed a lawsuit in Colorado Court on behalf of current investors of American Oil & Gas Inc. (AMEX:AEZ) alleging breach of fiduciary duty for selling American Oil & Gas too cheaply to Hess Corp.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duty in connection with the attempt to sell American Oil & Gas Inc. at an unfair price through an unfair process to Hess Corp.

On Thursday, July 28, 2010, American Oil & Gas Inc. (NYSE-AMEX: AEZ) and Hess Corporation (NYSE: HES) announced that Hess Corp. has agreed to acquire American Oil & Gas. Under the terms of the agreement, Hess Corp. has agreed to issue 0.1373 shares of its common stock in exchange for each outstanding share of American Oil & Gas' common stock (AEZ). Hess Corp. shares traded at $53 per share before the announcement and at $52.62 per share after the announcement. HES stock are down from its52weekHigh of $66.49 per share and up from its 52weekHigh of 48.48. According to American Oil & Gas Inc its Boards of Directors approved the agreement and the offer represents a 9.4 percent premium to American Oil & Gas stockholders based on the closing stock prices of Hess' and American Oil & Gas' shares on July 27, 2010.

Shares of American Oil & Gas Inc. (AEZ) traded at $6.75 per share before the takeover news and increased to $7.25 per share after the announcement.

But AEZ shares traded at $7.49 per share as recent as May 12, 2010, at $7.60 per share as recent as May 03, 2010, and the median price target for American Oil & Gas (AEZ) stock set by analysts is $8.50 per share with at least one analyst setting a price target at $10.00 per share. American Oil & Gas Inc. reported in 2007 $1.97million, in 2008 $2.90million, and in 2009 $1.89million.