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Forest Oil Corporation (NYSE:FST) Investor Files Lawsuit Over Alleged Wrongdoing In Acquisition

  • If you purchased shares of Forest Oil Corporation (NYSE:FST) and currently hold any of those NYSE:FST shares, 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
Forest Oil Corporation
Security
NYSE: FST

Case Name
Forest Oil Deal Case 05/08/2014
Type of Lawsuit
Mergers and Acquisition
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Summary

May 8, 2014 (Shareholders Foundation) - An investor, who currently holds shares of Forest Oil Corporation (NYSE:FST) filed a lawsuit in effort to halt the takeover of Forest Oil Corporation by Sabine Oil & Gas LLC.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:FST stockholders by agreeing to sell Forest Oil Corporation too cheaply via an unfair process to Sabine Oil & Gas LLC.

On May 6, 2014, Sabine Oil & Gas LLC (“Sabine”) and Forest Oil Corporation (NYSE:FST) announced the signing of a merger agreement under which Sabine Oil & Gas LLC and Forest Oil Corporation will combine their businesses in an all-stock transaction. Under the terms of the agreement, Sabine Oil & Gas LLC and Forest Oil Corporation will combine their businesses under a newly formed holding company, Sabine Oil & Gas Corporation. As part of the transaction, each share of Forest Oilcommon stock will be converted into 0.1 of a share of Sabine Oil & Gas common stock.

However, the plaintiff claims that the offer is too low and undervalues Forest Oil Corporation.

Forest Oil Corporation reported that its annual Total Revenue declined from $605.66 million in 2012 to $44.1.67 million in 2013 while its Net Loss of over $1.28 billion in 2012 turned into a Net Income of $73.92 million in 2013. Shares of Forest Oil Corporation (NYSE:FST) traded in 2011 as high as $39.05 per share.

On May 8, 2014, NYSE:FST shares closed at $2.24 per share.