Shareholder Suit Over Denbury, Encore Deal Survives

Law360, New York (August 17, 2011, 6:45 PM EDT) -- A New York federal judge on Wednesday refused to boot a proposed class action claiming oil and gas company Denbury Resources Inc. shortchanged shareholders of Encore Acquisition Co., which it bought in 2009 for $4.5 billion, out of Denbury stock.

Plaintiff Eli Bensinger, an investor who held more than 42,000 Encore shares, lodged an amended complaint in April 2010 claiming Plano, Texas-based Denbury — the largest oil and gas operator in Mississippi with significant operating acreage in Louisiana, Alabama and Southeast Texas — essentially inflated its...
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