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Newfield Shareholder Sues To Block $5.5B Encana Deal

Law360 (December 20, 2018, 6:41 PM EST) -- A Newfield Exploration Corp. investor opened a proposed class challenge to the oil and gas company’s planned $5.5 billion all-stock merger with Encana Corp. in Delaware federal court Wednesday, accusing the company, its directors and Encana of a range of Securities Act disclosure violations.

Investor Adam Franchi argued in his two-count complaint that the deal, which includes Encana’s assumption of $2.2 billion in Newfield debt, violated the Securities Act of 1934 through omissions or false or misleading statements regarding the transaction.

The suit seeks to block a Newfield shareholder vote on the merger plan, now set for a special meeting on...

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Delaware

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Securities/Commodities

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December 19, 2018

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