Crimson Seeks To Nix Shareholder Suit Over $390M Buyout

Law360, Wilmington (February 25, 2014, 8:08 PM EST) -- Crimson Exploration Inc. and its largest stakeholder urged a Delaware Chancery judge Tuesday to toss a putative class action challenging the energy developer's $390 million sale to Contango Oil & Gas Co., saying the now-closed transaction was a fair deal for all involved.

A consolidated group of shareholders launched a suit last year against Crimson's board and Oaktree Capital Management LP, which held about 33.7 percent of Crimson's stock, claiming the Contango deal undervalued the company and provided directors and Oaktree with additional benefits.

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