PHILADELPHIA, June 20, 2016 (GLOBE NEWSWIRE) -- Barrack Rodos & Bacine announces an investigation into possible breaches of fiduciary duty by members of the board of directors of Memorial Resource Development Corp in connection with the proposed sale of the company to Range Resources Corporation announced on May 16, 2016.
Barrack Rodos & Bacine has four decades of experience prosecuting securities class actions and breach of fiduciary duty matters and has achieved some of the largest recoveries in the history of such litigation. If you are a current Memorial Resource Development stockholder and wish to discuss your rights, please contact Barrack Rodos & Bacine at the following toll-free number: 877-386-3304, or via e-mail to Jeffrey W. Golan (jgolan@barrack.com) or Julie B. Palley (jpalley@barrack.com).
Under the terms of the proposed sale, Memorial Resource Development shareholders will receive 0.375 shares of Range Resources Corp. stock for each share held, representing a value of $15.75 a share, which was less than a 20% premium based on the trading prices of the stock before the deal was announced
The investigation focuses on whether Memorial Resource Development’s board conducted an appropriate sales process, whether the proposed sale price undervalues the company to the detriment of its stockholders, and whether there were conflicts of interest relating to the company’s financial advisor and others involved in the proposed sale.