SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of Earthstone Energy, Inc. (NYSE – ESTE)
BALA CYNWYD – August 21, 2023 /Globe Newswire/ – Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Earthstone Energy, Inc. (“Earthstone Energy” or the “Company”) (NYSE – ESTE) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the sale of the Company to Permian Resources Corporation (“Permian Resources”) (NYSE – PR). Under the terms of the agreement, the all-stock transaction will consist of 1.446 shares of Permian Resources common stock for each share of Earthstone Energy common stock, representing an implied value to each Earthstone Energy stockholder of $18.64 per share based on the closing price of Permian Resources common stock on August 18, 2023. After closing, existing Permian Resources shareholders will own approximately 73% of the combined company and existing Earthstone Energy shareholders will own approximately 27% of the combined company.
The investigation concerns whether the Earthstone Energy Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Permian Resources is paying fair value to shareholders of the Company.
If you own shares of Earthstone Energy 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 who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman by email at clients@brodsky-smith.com, or call toll free 855-576-4847.
Brodsky & Smith 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.