SAN DIEGO, Oct. 14, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Jagged Peak Energy Inc. (JAG) ("Jagged") breached their fiduciary duties in connection with the proposed sale of the Company to Parsley Energy, Inc. (PE) ("Parsley").
On October 14, 2019, Jagged announced that it had signed a definitive merger agreement with Parsley. Under the terms of the agreement, Jagged shareholders will receive a fixed exchange ratio of 0.447 shares of Parsley Class A common stock for each share of Jagged common stock they own; this represents $7.59 per Jagged share based on Parsley's closing price on October 11, 2019.
The investigation concerns whether the Jagged 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 Jagged shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given one Wall Street analyst has a $14.00 price target on the stock. The 52-week high for Jagged was $14.26.
If you are a shareholder of Jagged 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 (firstname.lastname@example.org) 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.