An investigation for investors in NYSEMKT:ESTE shares was announced over potential breaches of fiduciary duties by certain officers and directors at Earthstone Energy Inc.
Investors who purchased shares of Earthstone Energy Inc (NYSEMKT:ESTE) and currently hold any of those NYSEMKT:ESTE shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Earthstone Energy directors breached their fiduciary duties and caused damage to the company and its shareholders.
On November 8, 2016, Earthstone Energy Inc (NYSEMKT:ESTE) and Bold Energy III LLC , a portfolio company of EnCap Investments L.P., announced that they have entered into a definitive contribution agreement under which Earthstone Energy Inc (NYSEMKT:ESTE) will acquire all of the outstanding membership interests of Bold, inclusive of producing assets and undeveloped acreage, in an “Up-C” transaction. Pursuant to an agreement between Earthstone Energy Inc and Bold Energy III LLC, the companies will combine, leaving Earthstone Energy Inc shareholders with less than one third of the surviving company. According to the terms, Earthstone Energy Inc will recapitalize its common stock into two classes – Class A and Class B, and all its existing outstanding common stock will be converted into Class A common stock. Bold Energy III LLC will purchase approximately 36.1 million shares of Earthstone’s Class B common stock for nominal consideration, with the Class B common stock having no economic rights in Earthstone other than voting rights on a pari passu basis with the Class A common stock.
Those who purchased NYSEMKT:ESTE shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
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