SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of Centennial Resource Development, Inc. (Nasdaq – CDEV)

BALA CYNWYD – June 9, 2022 /Globe Newswire/ – Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Centennial Resource Development, Inc. (“Centennial” or the “Company”) (Nasdaq – CDEV) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the Company’s agreement to merge with Colgate Energy Partners III, LLC (“Colgate”). Under the terms of the Transaction, Colgate is valued at approximately $3.9 billion and is the deal is comprised of 269.3 million shares of Centennial stock, $525 million of cash and the assumption of approximately $1.4 billion of Colgate’s outstanding net debt. Centennial shareholders will hold approximately 53% of the combined company.

The investigation concerns whether the Centennial Board breached its fiduciary duties to shareholders by failing to conduct a fair process, and whether the deal is fair to Centennial shareholders.

If you own shares of Centennial stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, or call toll free 855-576-4847.

Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.