The shareholder class-action lawsuit filed in Harris County court alleges Pride's directors breached their fiduciary duty to shareholders by agreeing to a low share price and a restrictive merger contract that would preclude other offers.
On February 7, Houston-based deepwater drilling company Pride and British oil rig contractor Ensco jointly announced an agreement for Ensco to buy Pride for about $7 billion. The transaction is expected to close as early as the second quarter of 2011. The lawsuit asks the court to stop the merger to protect shareholders.
AZA partners Demetrios Anaipakos, Amir Alavi and John Zavitsanos filed the case with David A.P. Brower and Brian C. Kerr of Brower Piven, A Professional Corporation in New York.
The lawsuit is Cary M. Abrams, Individually and on behalf of others similarly situated v. Pride International, Inc., et. al., 113th District Court, Harris County, No. 2011-08672.
Ahmad, Zavitsanos & Anaipakos is a Houston-based law firm that is home to true courtroom lawyers with a formidable track record in complex commercial litigation including energy, intellectual property, securities fraud, construction, and business dispute cases. AZA is one of only 32 firms in the U.S. to be recognized as "awesome opponents" in a nationwide poll of corporate general counsel who were asked to name the law firms they hope their companies never have to face in court. In fact, AZA has been hired often by the same companies the firm has prevailed against at trial. More information about the firm can be found at http://www.azalaw.com/index.html.
With offices in New York City and Baltimore County, Maryland, Brower Piven focuses on complex class action cases and other representative litigation. Brower Piven's experience ranges from representing institutional and large private investors to small individual investors and retail consumers, in complex commercial litigation and on corporate governance matters. Clients and classes represented by attorneys at Brower Piven have recovered more than $1 billion in past and pending recoveries. More information about Brower Piven can be found at the firm's website, www.browerpiven.com. SOURCE Ahmad, Zavitsanos & Anaipakos