Bernstein Liebhard LLP Announces Investigation of Venoco, Inc.
August 29, 2011
Bernstein Liebhard LLP is investigating whether the Board of Directors of Venoco, Inc. (“Venoco” or the “Company”) (NYSE: VQ) is breaching its fiduciary duty to its shareholders in connection with an offer by Timothy M. Marquez (“Mr. Marquez”), the Company’s Chairman and Chief Executive Officer, to take the Company private.
Under the terms of the offer, Venoco shareholders will receive $12.50 in cash for each share of common stock they own. Mr. Marquez currently owns approximately 50.3% of the Company’s common stock. The investigation is focused on whether Mr. Marquez’s offer undervalues the Company’s shares.
Bernstein Liebhard has pursued hundreds of securities, consumer, and antitrust cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last eight years.