Robbins LLP served as co-lead counsel to the public shareholders of Venoco, Inc. in this class action arising out of a scheme by the energy company’s Chief Executive Officer to buy out Venoco’s minority shareholders at an inadequate share price. Robbins LLP conducted extensive fact and expert discovery for two years after the closing of the acquisition. During this time, Venoco foundered due to a decline in the price of oil, a burst pipeline and additional debt from the acquisition, which ultimately led the company to file for bankruptcy. Amidst the company’s demise, the firm achieved a settlement fund of $19 million for shareholders — a significant recovery in light of Venoco’s dire financial circumstances. At the final approval hearing, the Honorable Sam Glasscock III, Vice Chancellor, in the Court of Chancery of the State of Delaware touted the settlement as a “good result for all” and “very fortunate for the class” and noted as “excellent counsel.” Transcript of Proceeding at 19, 22, In re Venoco, Inc. S’holder Litig., C.A. No. 6825-VCG (Del. Ch. Oct. 5, 2016).
In re Venoco, Inc. S’holder Litig., C.A. No. 6825-VCG (Del. Ch. Oct. 5, 2016)