Brigham Investors Lose Class Cert. In Suit Over Statoil Buy

Law360, Dallas (August 15, 2014, 7:37 PM EDT) -- A Texas appeals court on Friday decertified a class of Brigham Exploration Co. shareholders who alleged the company was undervalued in its $4.4 billion acquisition by Statoil ASA, finding a trial judge hadn’t adequately considered the companies’ pled defenses.

The Austin Court of Appeals remanded the case to a trial judge, holding the class certification order didn’t comply with state rules governing class actions because it failed to rigorously analyze all certification requirements and didn’t meaningfully address the pleaded defenses of the Brigham defendants.

A group of Brigham shareholders led by Raymond Boykim, who collectively own more than 37,000 shares, sued...

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