Amplify

Practice Area: 
Stock Symbol: 
AMPY
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating the Board of Amplify Energy Corp. (OTCQX: AMPY) for possible breaches of fiduciary duty and other violations of the law in connection with the merger of Amplify with Midstates.

Ademi & O’Reilly, LLP alleges Amplify financial outlook is improving and yet Amplify shareholders will receive 0.933 shares of newly issued Midstates common stock for each Amplify share of common stock.  Amplify is merging with Midstates at a substantial discount.  The merger agreement unreasonably limits competing bids for Amplify by prohibiting solicitation of further bids, and imposing a termination penalty if Amplify accepts a superior bid. Amplify insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of Amplify’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Amplify.