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Stone Energy Corporation (NYSE:SGY) Investor Lawsuit Against Takeover By Talos Energy LLC Filed

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Lawsuit Overview

Company
Stone Energy Corporation
Security
NYSE: SGY

Case Name
Stone Energy Corporation Deal Case 02/27/2018
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the District of Delaware

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Summary

June 6, 2018 - The case was voluntarily dismissed.
January 4, 2018 - An investor, who currently holds shares of Stone Energy Corporation (NYSE:SGY), filed a lawsuit in effort to halt the proposed takeover of Stone Energy Corporation by Talos Energy LLC.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:SGY stockholders by agreeing to sell Stone Energy Corp cheaply via an unfair process.

On November 21, 2017, Talos Energy LLC ( Talos ) and Stone Energy Corporation (NYSE: SGY; Stone ) announced that their Boards of Directors have approved the combination of Talos and Stone in an all-stock transaction that will create a premier offshore-focused exploration and production company.

However, plaintiff claims that the proposed consideration NYSE:SGY shareholders will receive is grossly inadequate and undervalues Stone Energy Corporation. In addition, the plaintiff alleges that the process is also unfair NYSE:SGY stockholders.