In re Athlon Energy, Inc. Stockholder Litigation
|Court:||Court of Chancery of the State of Delaware|
|Judge:||Vice Chancellor Sam Glasscock III|
|Case Contacts:||Mark Lebovitch, Jeroen van Kwawegen, John Vielandi|
On October 23, 2014, BLB&G filed a Verified Class Action Complaint on behalf of its client, The City of Cambridge Retirement System (“Plaintiff") and all other similarly situated public stockholders of Athlon Energy, Inc. against the members of Athlon’s board of directors: Robert C. Reeves, Gregory A. Beard, Rakesh Wilson, Wilson B. Handler, Ted A. Gardner, Mark A. Stevens, and Bart Kalsu (the Apollo Global Management, LLC, Encana Corporation, and Alenco Acquisition Company, Inc.). The Complaint alleges breaches of fiduciary duties and aiding and abetting, including through alleged misleading or omitted disclosures in the Recommendation Statement, in connection with Encana’s proposed acquisition of Athlon.
Pursuant to an October 28, 2014 Scheduling Stipulation, Plaintiffs engaged in expedited fact discovery in preparation for a preliminary injunction hearing scheduled for November 6, 2014. After arm’s-length negotiations, all parties entered into a Memorandum of Understanding on November 3, 2014, in which the Defendants agreed to: (i) reduce the applicable termination fee from 3.5% to 1% of the Transaction’s value; (ii) eliminate Encana’s matching rights should a third-party make a Superior Offer; (iii) publicly disclose any bona fide acquisition proposal for Athlon; (iv) waive certain stockholders’ obligations under various Support Agreements; (v) make material supplemental disclosures concerning the Transaction; and (vi) extend the date of the tender offer.
On December 5, 2014 BLB&G was appointed Co-Lead Counsel. On December 22, 2014 a Stipulation and Agreement of Settlement was filed with the court. The Court granted final approval of the Settlement on April 14, 2015.
Other Cases of Interest
- Twenty-First Century Fox, Inc.
Delaware Chancery Court Max W. Berger, Mark Lebovitch, David Wales, Rebecca E. Boon
- Sanchez Energy
Delaware Court of Chancery David Wales, Mark Lebovitch, Christopher J. Orrico, Alla Zayenchik
- Allergan, Inc. (Proxy Violation)
Central District of California Mark Lebovitch, Jeremy P. Robinson, Michael D. Blatchley, Richard D. Gluck, Edward G. Timlin
- Wachovia Corp.
Southern District of New York Kurt Hunciker, Benjamin Galdston, John Rizio-Hamilton, Jeroen van Kwawegen
- Union Bancaire Privée Litigation
Southern District of New York Gerald H. Silk, Avi Josefson, , Jeroen van Kwawegen
- Suprema Specialties, Inc.
District of New Jersey Max W. Berger, Mark Lebovitch, Rochelle Feder Hansen
- Morgan Stanley & Co., Inc. (Mortgage Pass-Through)
Southern District of New York David R. Stickney, Jeroen van Kwawegen, Jonathan D. Uslaner, Richard D. Gluck
- Merrill Lynch & Co., Inc. (Mortgage Pass-Through)
Southern District of New York David R. Stickney, Timothy A. DeLange, David Wales, Jeroen van Kwawegen
- Merrill Lynch & Co., Inc. (Bond Action)
Southern District of New York Max W. Berger, Mark Lebovitch, Kurt Hunciker