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Ademi & O’Reilly, LLP is investigating Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Carrizo to Callon.

Ademi & O’Reilly, LLP alleges Carizzo’s financial outlook is improving and yet shareholders will receive the equivalent of only $13.21 per share for each share of Carizzo common stock they own.  Callon is acquiring Carizzo at a substantial discount.  The merger agreement unreasonably limits competing bids for Carizzo by prohibiting solicitation of further bids, and imposing a termination penalty if Carizzo accepts a superior bid. Carizzo insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of Carizzo’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 Carizzo.