QEP Resources, Inc.

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Ademi LLP is investigating QEP Resources (NYSE:QEP) for possible breaches of fiduciary duty and other violations of the law in its transaction with Diamondback.

Ademi LLP alleges QEP Resources’ financial outlook is improving and yet QEP Resources shareholders will receive only 0.05 shares of Diamondback common stock for each share of QEP Resources common stock, representing an implied value to each QEP Resources stockholder of $2.29 per share based on the closing price of Diamondback common stock on December 18, 2020.  The merger agreement unreasonably limits competing bids for QEP Resources by prohibiting solicitation of further bids, and imposing a termination penalty if QEP Resources accepts a superior bid. QEP Resources insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of QEP Resources’ board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for QEP Resources.