Mariner Energy, Inc. board faces under investigation for ME shareholders

Investigations on behalf of investors of Mariner Energy, Inc. (Public, NYSE-ME) shares over possible breach of fiduciary duty by the board of directors – Contact the Shareholders Foundation
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April 16, 2010 - PRLog -- An investigation on behalf of current investors in Mariner Energy, Inc.  concerning shareholder claims over possible breaches of fiduciary duty by the board of directors of Mariner Energy, Inc. (Public, NYSE-ME)was announced.

If you currently hold shares of Mariner Energy, Inc. , you have certain options and you should contact the Shareholders Foundation, Inc by email at or call +1 (858) 779 – 1554.

The investigation by law firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Mariner Energy of arising out of their attempt to sell Mariner Energy, Inc.  to Apache Corporation.

Mariner Energy, Inc., located in Houston, Texas, is an independent oil and gas exploration, development, and production company. Mariner Energy, Inc. reported in 2007 Total Revenue of $874.76million, in 2008 $1.30051billion, and in 2009 $942.94million.

On April 15, 2010 Mariner Energy  and Apache Corporation  announced that they have entered into a merger agreement under which Mariner Energy shareholders will receive a value of approximately $26.22 per ME common share that they own. In particular ME shareholders will receive 0.17043 of a share of Apache Corp. common stock (APA) and $7.80 in cash for each outstanding share of Mariner Energy's common stock (ME). The transaction value is approximately $2.7 billion.

Shares of Mariner Energy, Inc. (ME) traded after the announcement at $25.68 per shares, and at $18.25 per share the day before the news. ME shares were down from $29.51 per share in August 2008, and over $35 per share in June 2008. At least one analyst set a price target for Mariner stock at $27.00 per share.

The investigation by a law firm “concerns whether the Mariner Energy Board of Directors breached their fiduciary duties to Mariner Energy, Inc.  stockholders by failing to adequately shop the Company prior to entering into the agreement, whether the Board of Directors breached their fiduciary duties by not seeking a deal that would provide better value of Mariner Energy, Inc., and whether Apache Corporation is underpaying for Mariner Energy, Inc., thus unlawfully harming Mariner Energy(ME) stockholders.”

Those who currently hold shares of Mariner Energy, Inc. , have certain options and should contact the Shareholders Foundation, Inc by email at or call +1 (858) 779 – 1554.

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The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Source:Shareholders Foundation, Inc.
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