SHAREHOLDER ALERT: Brower Piven Announces Class Action Lawsuit in Connection
With the Sale of Forest Oil Corporation to Sabine Oil & Gas LLC -- FST
STEVENSON, Md., May 14, 2014 (GLOBE NEWSWIRE) -- The securities litigation law
firm of Brower Piven, A Professional Corporation, announces that a class
action lawsuit has been commenced in the New York Supreme Court, New York
County, on behalf of all common stockholders of Forest Oil Corporation
("Forest Oil" or the "Company") (NYSE:FST) asserting claims that the members
of the Company's board of directors have breached fiduciary duties they owe to
Forest Oil shareholders.
The complaint alleges unlawful actions in connection with a proposed
transaction between the Company and Sabine Oil & Gas LLC ("Sabine") ("Proposed
Transaction"). The suit claims the Company's board of directors breached their
fiduciary duties by failing to maximize shareholder value in connection with
the Proposed Transaction.
Defendants have allegedly exacerbated their breaches of fiduciary duty by
agreeing to lock up the Proposed Transaction with deal protection devices that
preclude other bidders from making a successful competing offer for the
Company. Specifically, the complaint alleges defendants agreed to: (i) a
no-solicitation provision that prevents other buyers from having access to the
Company's confidential information, which is necessary to formulate a bid,
except under extremely limited circumstances; (ii) a matching rights provision
that allows Sabine 3 days to match any competing proposal in the event one is
made; and (iii) a provision that requires the Company to pay Sabine a
termination fee of up to $15,000,000. According to the complaint, these
provisions substantially limit the Board of Director's ability to act with
respect to investigating and pursing superior proposals and alternatives
including a sale of all or part of Forest Oil.
If you currently own common stock of Forest Oil and would like to learn more
about this lawsuit and your ability to participate as a plaintiff, without
cost or obligation to you, click here:
You may also request more information by contacting Brower Piven either by
email at firstname.lastname@example.org or by telephone at (410) 415-6616.Attorneys
at Brower Piven together have more than a century of experience litigating
securities and other class action cases.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
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