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Resolute Energy Corporation (NYSE: REN) Investor Lawsuit Against Acquisition Announced

  • Investors who purchased shares of Resolute Energy Corporation (NYSE: REN) may have certain options. Please 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

Case Dismissed
Company
Resolute Energy Corporation
Security
NYSE: REN

Case Name
Resolute Energy Deal Case
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the District of Delaware

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Summary

February 1, 2021 - The court granted the defendants' motion to dismiss.

May 28, 2020 - A motion to dismiss the amended consolidated complaint was filed.

April 13, 2020 - An emended consolidated complaint was filed.

March 18, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

July 29, 2019 - A motion to dismiss the consolidated complaint was filed.

June 14, 2019 - A consolidated complaint was filed.

January 14, 2019 - An investor, who currently holds shares of Resolute Energy Corporation (NYSE: REN), in effort to stop the proposed takeover of Resolute Energy Corporation. The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: REN stockholders by agreeing to sell Resolute Energy Corporation. too cheaply via an unfair process.

Denver, CO based Resolute Energy Corporation, an independent oil and gas company, engages in the acquisition, exploitation, exploration for, and development of oil and gas properties in the United States.

On Nov. 19, 2018, Cimarex (NYSE: XEC) and Resolute Energy Corporation (NYSE: REN) announced that Cimarex has entered into an agreement to acquire Resolute Energy Corporation in a cash and stock transaction valued at $35.00 per share, or a total purchase price of approximately $1.6 billion, including Resolute's long term debt of $710 million, as of September 30, 2018. However, plaintiff claims that the proposed consideration NYSE: REN shareholders will receive is grossly inadequate and undervalues Resolute Energy Corporation.

Indeed, at least one analyst has se the high target price for NYSE: REN shares at $62.80 per share and NYSE: REN shares reached as recently as October 3, 2018 as high as $38.96 per share in the open market.

Furthermore, Resolute Energy Corporation reported that its annual total revenue rose from $164.47 million in 2016 to $303.47 million in 2017 and that its Net Loss declined from $161.72 million in 2016 to $1.23 million in 2017. In addition, the plaintiff alleges that the process is also unfair NYSE: REN stockholders