Shareholders Foundation, Inc.

Alert: Forest Oil Corporation (NYSE:FST) Investor Files Lawsuit Against Takeover by Sabine Oil & Gas LLC

A lawsuit was filed by an investor in shares of Forest Oil Corporation (NYSE:FST) ) in effort to stop the proposed takeover and NYSE:FST stockholders should contact the Shareholders Foundation.

 

San Diego, CA -- (ReleaseWire) -- 05/12/2014 -- An investor who currently holds shares of Forest Oil Corporation (NYSE:FST) filed a lawsuit in effort to halt the takeover of Forest Oil Corporation by Sabine Oil & Gas LLC.

Investors who purchased shares of Forest Oil Corporation (NYSE:FST) and currently hold any of those NYSE:FST shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:FST stockholders by agreeing to sell Forest Oil Corporation too cheaply via an unfair process to Sabine Oil & Gas LLC.

On May 6, 2014, Sabine Oil & Gas LLC (“Sabine”) and Forest Oil Corporation (NYSE:FST) announced the signing of a merger agreement under which Sabine Oil & Gas LLC and Forest Oil Corporation will combine their businesses in an all-stock transaction. Under the terms of the agreement, Sabine Oil & Gas LLC and Forest Oil Corporation will combine their businesses under a newly formed holding company, Sabine Oil & Gas Corporation. As part of the transaction, each share of Forest Oilcommon stock will be converted into 0.1 of a share of Sabine Oil & Gas common stock.

However, the plaintiff claims that the offer is too low and undervalues Forest Oil Corporation.

Forest Oil Corporation reported that its annual Total Revenue declined from $605.66 million in 2012 to $44.1.67 million in 2013 while its Net Loss of over $1.28 billion in 2012 turned into a Net Income of $73.92 million in 2013. Shares of Forest Oil Corporation (NYSE:FST) traded in 2011 as high as $39.05 per share.

On May 8, 2014, NYSE:FST shares closed at $2.24 per share.

Those who are current investors in Forest Oil Corporation (NYSE:FST) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com