Wolf Popper Settles Venoco Shareholder Litigation, Creating $19 Million Common Fund For Former Minority Shareholders
After almost five years of litigation, the Delaware Chancery Court approved a settlement on behalf of the former minority shareholders of Venoco, Inc. (“Venoco” or the “Company”) regarding the going private transaction led by Venoco’s founder and controlling shareholder, Timothy Marquez. The settlement established a common fund of $19 million and was reached just days before the Company declared bankruptcy. Had the Company not filed for bankruptcy, the settlement would have also provided 25% of Marquez’s ownership interest in Venoco. The settlement was approved by the federal bankruptcy court, and Vice Chancellor Glasscock held the final approval hearing on October 5, 2016, in the Delaware Chancery Court. Wolf Popper was Co-Lead Counsel for the plaintiffs and the class of minority Venoco shareholders who held those shares when the transaction was consummated on October 3, 2012. The distribution of the net settlement fund is expected to take place in August or September 2017.
For further information about this case, please contact the following attorneys:
Carl L. Stine