NEW YORK, Oct. 22, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Tengasco, Inc. ("TGC" or the "Company") (NYSE American: TGC) in connection with the Company's proposed merger with privately-held oil developmental company Riley Exploration–Permian, LLC ("Riley"). Under the terms of the merger agreement, TGC will issue approximately 203 million shares of TGC common stock to Riley members, the new combined entity will be renamed Riley Exploration Permian, Inc., and the combined entity will trade under the new ticker symbol "REPX." Following the closing of the transaction, the current members of Riley will own 95% of the new surviving company, and the current TGC stockholders will own the remaining 5%.
If you own TGC shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether TGC's board acted in the best interest of TGC's public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of the acquisition, whether the deal's equity split is fair to TGC stockholders, and whether all information regarding the sales process undertaken by the board and financial analyses supporting the transaction will be fully and fairly disclosed to TGC public shareholders.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
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SOURCE WeissLaw LLP