Shareholders Lose Class Status Again In Statoil Fight

Law360, Dallas (June 16, 2016, 4:48 PM EDT) -- A Texas appellate court on Tuesday once again decertified a class of Brigham Exploration Co. shareholders who allege the company was undervalued in its $4.4 billion acquisition by Statoil ASA, saying the class had been improperly defined.

Unwinding a class of Brigham shareholders for the second time, the Third Court of Appeals in Austin held the class wrongly included shareholders without standing to sue. The class had been defined as those who held common stock of publicly traded Brigham as of Oct. 17, 2011 — the day the merger was announced — but in light of evidence that more than 62...

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