Prominent mergers and acquisitions lawyer Walied Soliman says an echo-chamber effect is likely to blame for rumours of activist interest that sent shares of Crescent Point Energy (CPG.TO) surging as much as 7.7 per cent last Friday. In an interview on BNN, Soliman, who co-chairs the special situations desk at Norton Rose Fulbright Canada, said as an observer of the situation, it struck him as a case of smoke, but no fire.

“I don’t have any insider information whatsoever: what I can tell you, is being a participant in this sector, I don’t think there is anything,” he said. “I think it’s been a total echo chamber, people talking at each other. I’ve seen zero evidence of anything real happening there.”

The speculation, initially reported by newsletter DealReporter, indicated an unidentified U.S. activist was circling the company, which has seen its share price underperform over the course of the last three years. However, a source familiar with Canadian board fights told BNN Crescent Point’s large, stable institutional shareholder base made it an unlikely candidate for an activist campaign. The source also said it was doubtful an activist investor would be eager to enter a fight in the energy patch where it would be uncertain of gaining a controlling stake in any target.

Crescent Point has yet to address the unconfirmed reports.