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Denbury Resources Inc. Hit by Investor Lawsuit

  • If you are a former Encore shareholder who received Denbury Resources Inc. (NYSE:DNR) stock pursuant to the Joint Proxy Statement and Prospectus dated February 5, 2010, you have certain options and there are strict and short deadlines running. Deadline: July 19, 2010. Those DNR investors 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
Denbury Resources Inc.
Security
NYSE: DNR

Case Name
Denbury Resources Shareholder Class Action 05/18/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

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Summary

A DNR investor filed a lawsuit in the United States District Court for the Eastern District of New York behalf of all former Encore Acquisition Company shareholders whose shares were acquired by Denbury Resources, Inc. (DNR) pursuant to a Joint Proxy Statement and Prospectus dated February 5, 2010, over alleged violations of Federal Securities Laws by Denbury Resources Inc and others.
Denbury Resources Inc., located in Plano, Texas, is engaged in the acquisition, development, operation and exploration of oil and natural gas properties in the Gulf Coast region of the United States, primarily in Mississippi, Louisiana, Texas and Alabama. Denbury Resources Inc. reported in 2007 Total Revenue of $973.06million, in 2008 $1.3657billion, and in 2009 $882.49million. According to the complaint the plaintiff alleges that Denbury Resources Inc. (NYSE:DNR) and certain of its executive officers and/or directors miscalculated the shares payable to Encore shareholders, violating the Merger Agreement of Denbury Resources Inc with and into Encore Acquisition Company, the Securities Act of 1933 and the Securities Exchange Act of 1934. Shares of Denbury Resources Inc. (DNR) traded recently at $16.71 per share, down from its 52weekHigh of $19.48 per share. DNR shares reached $37.60 per share in 2007.