Omni Investors Settle Lowball Claims From $122M Sale

Law360, New York (November 22, 2011, 4:29 PM EST) -- A putative class of Omni Energy Services Corp. shareholders settled with the company Monday in Louisiana in a suit criticizing the valuation of Omni's $122 million sale to Wellspring Capital Management LLC and accusing executives of issuing misleading proxy statements.

Three investors submitted a motion for final approval of a settlement first proposed in June after months of informing thousands of shareholders about the proposed agreement failed to attract any objections from shareholders, who have until Nov. 29 to voice their opposition.

In the proposed settlement,...
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