Ademi LLP is investigating WPX (NYSE:WPX) for possible breaches of fiduciary duty and other violations of the law in connection with the sale to Devon.
Ademi LLP alleges WPX’s financial outlook is improving and yet shareholders will receive only 0.5165 shares of Devon common stock for each share of WPX common stock owned. The merger agreement unreasonably limits competing bids for WPX by prohibiting solicitation of further bids, and imposing a termination penalty if WPX accepts a superior bid. WPX insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of WPX’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for WPX.