Seventy Seven Seeks Sanctions Against Firm In Merger Suit
By Michele Gorman (September 7, 2017, 5:12 PM EDT) -- Seventy Seven Energy Inc. on Wednesday asked an Oklahoma federal judge to sanction counsel for a shareholder, alleging the firm filed a proposed class action over a merger solely to generate attorneys' fees.
The oil field services company said sanctions are permissible against Monteverde & Associates PC, which is representing Maria Comeaux, because the lawsuit raised "meritless challenges" to the now-completed merger between it and the Houston-based Patterson-UTI Energy Inc. In the suit, Comeaux said the merger offered Seventy Seven Energy shareholders too little and didn't reveal information about conflicts of interest and concrete financial projections.
"While merger strike suits are...
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