BALA CYNWYD, PA / ACCESSWIRE / September 29, 2020 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of WPX Energy, Inc. (“WPX” or the “Company”) (NYSE:WPX) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the agreement to be acquired by Devon Energy Corporation (“Devon”) (NYSE:DVN). Under the terms of the agreement, WPX shareholders will receive only 0.5165 shares of Devon for each share of WPX they own, an implied per-share consideration of $4.55 based upon Devon’s closing price of $8.82 on September 25, 2020.
The investigation concerns whether the WPX Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Devon is paying too little for the Company. For example, the deal consideration is well off the Company’s 52-week high of $14.43.
If you own shares of WPX stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/wpx-energy-inc-nyse-wpx/, or call toll free 877-534-2590.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC
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