Investors Sue Omni Over $122M Wellspring Sale

Law360, New York (July 2, 2010, 1:26 PM EDT) -- Omni Energy Services Corp. shareholders have sued the company over its impending $122 million sale to Wellspring Capital Management LLC, accusing executives of issuing misleading proxy statements and saying the deal undervalues the company.

Omni, board chairman Dennis Sciotto, Director Edward Colson and CEO Brian Recatto are named as defendants in a 22-page complaint logged Thursday in the U.S. District Court for the Western District of Louisiana. The four-count suit alleges breach of fiduciary duty and violations of the Securities and Exchange Act of 1934....
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