Venoco, Inc. Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Venoco, Inc. Concerning the Sale of Venoco to its CEO, Timothy Marquez

DALLAS, Jan. 19, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Venoco, Inc. ("Venoco" or "VQ") (NYSE: VQ) to Timothy Marquez, Venoco's current Chief Executive Officer and Board of Directors Chairman, through a wholly-owned entity, Denver Parent Corporation.  Under the proposed transaction, Venoco shareholders will receive only $12.50 in cash for each share of Venoco/VQ stock owned, which is well below the target price of $20.00 per share announced by analysts and significantly below the price that Venoco shares were trading as recently as late July 2011.

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If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected].  There is no cost or fee to you.

The definitive acquisition agreement involves an all cash transaction with a total enterprise value of approximately $1.5 billion.

The investigation centers on whether Venoco shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Venoco's stock, and whether Venoco's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal.  More specifically, Venoco shares closed at $14.75 per share as recently as July 22, 2011, and according to Yahoo! Finance, at least one analyst has set a target rice of $20.00 per share for Venoco stock.  According to shareholder rights attorney Willie Briscoe, "Because this transaction involves Venoco's current chairman and CEO, and due to the fact that the price offered is below recent closing prices, and other factors, we are concerned that the transaction significantly undervalues Venoco stock."

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

SOURCE Powers Taylor, LLP

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