NEW YORK, Sept. 30, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of WPX Energy, Inc. ("WPX" or the "Company") (NYSE: WPX) in connection with the proposed acquisition of the Company by Devon Energy Corporation ("DVN") (NYSE: DVN). Under the terms of the acquisition agreement, the Company's shareholders will receive 0.5165 shares of DVN for each share of WPX common stock that they own, representing implied per-share merger consideration of $4.94 based upon DVN's September 29, 2020 closing price of $9.57.
If you own WPX shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether WPX's board acted in the best interest of the Company's public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of WPX and DVN, and whether all information regarding the valuation of the transaction will be fully and fairly disclosed to WPX's public shareholders. Notably, WPX had traded as high as $6.79 during the sixty days preceding the announcement of the proposed transaction, and at least one analyst set a price target for WPX of $14.00 per share, or approximately $9.00 per share above the implied per-share consideration.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]
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SOURCE WeissLaw LLP