NEW YORK, Sept. 10, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of PAA Natural Gas Storage, L.P. ("PNG" or the "Company") (NYSE:PNG) 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 proposed sale of the Company to its parent company, Plains All American Pipeline, L.P. ("Plains All American") (NYSE:PAA). Plains All American currently owns approximately 46% of PNG's outstanding units. A complaint was filed in Texas state court.
Click here to learn more about the case http://zlk.9nl.com/paa-natural-gas-png/, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the proposed transaction, PNG shareholders will receive 0.435 common units of Plains All American for each share of PNG they own, representing a value of approximately $22.74 per unit, based on the trailing 10-day average closing price of Plains All American's common units through August 26, 2013. The claims concern, among other things, whether the consideration to be paid to PNG shareholders is unfair, inadequate, and substantially below the fair or inherent value of PNG, and whether the PNG Board is acting in PNG shareholders' best interests. In particular, at least one analyst has set a price target for PNG stock at $23.00 per unit.
If you own PNG common stock 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/paa-natural-gas-png/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey 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. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP