NEW YORK, Dec. 13, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Plains Exploration & Production Company ("PXP" or the "Company") (NYSE:PXP) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Freeport-McMoRan Copper & Gold Inc. ("FCX") (NYSE:FCX). A complaint was filed in Delaware state court.
Click here to learn more about the investigation: http://zlk.9nl.com/plains-exploration-pxp/, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, PXP shareholders will receive 0.6531 shares of FCX common stock and $25.00 in cash for each share of PXP stock they own, representing a total consideration of $50.00 per PXP share. The claims concern whether the PXP Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this agreement with FCX. In particular, at least one analyst set a price target for PXP stock at $78.00 per share.
If you own common stock in PXP and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/plains-exploration-pxp/.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP