The first step for the law firms is finding enough shareholders to complain. Then the corrupt lawyers argue against each other to determine who gets class action. Then if they can meet the low hurdle suggesting there is a case the lawyers get to dig around BRY for evidence. BRY hired top notch investment bankers, so there should be no case, but if anything incriminating can be found they get to blackmail BRY management for all they can get. Typically the lawyers get tens of millions and the shareholders get pennies. If the lawsuit costs a significant amount the buyer can walk for failure to perform (they are not getting all they agreed to buy) or renegotiate the price down. I don't recall any case where shareholders got more out of a lawsuit against the board.
I was thinking the lawyers need their chain jerked a little -call them, have them explain their case (the acquirer went up on the purchase -there must be more) ask how you are going to get more (you're not) they will fed-x papers and then you call them back and tell them you want a guarantee you will get more than the $3/share the lawsuit cost you or your not signing anything!!!