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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Carrizo Oil and Gas Inc | NASDAQ:CRZO | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.83 | 7.91 | 7.99 | 0 | 01:00:00 |
From May 2019 to May 2024
SAN DIEGO, July 15, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) ("Carrizo") breached their fiduciary duties in connection with the proposed sale of the Company to Callon Petroleum Company ("Callon").
On July 15, 2019, Carrizo announced that it had signed a definitive merger agreement with Callon. Under the terms of the agreement, Carrizo shareholders will receive a fixed exchange ratio of 2.05 Callon shares for each share of Carrizo common stock they own. This represents $13.12 per Carrizo share based on Callon's closing common stock price on July 12, 2019.
Carrizo shareholders will be subject to the future price fluctuation of Callon's stock price. Following the news, in pre-market trading on July 15, 2019, Callon stock was trading down over 11%.
The investigation concerns whether the Carrizo board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Carrizo shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth; also one Wall Street analyst has a $41.00 price target on the stock. The 52-week high for Carrizo was $29.58.
If you are a shareholder of Carrizo and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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View original content:http://www.prnewswire.com/news-releases/carrizo-crzo-alert-johnson-fistel-investigates-proposed-sale-of-carrizo-oil--gas-inc-are-shareholders-getting-a-fair-deal-300884701.html
SOURCE Johnson Fistel, LLP
Copyright 2019 PR Newswire
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