Plains Exploration & Production Investor Alert: Briscoe Law and Powers
Taylor Investigate Sale to Freeport-McMoRan Copper & Gold
DALLAS -- December 06, 2012
Former United States Securities and Exchange Commission attorney Willie
Briscoe and the securities litigation firm of Powers Taylor, LLP are
investigating the sale of Plains Exploration & Production Company (“Plains”)
(NYSE: PXP) to Freeport-McMoRan Copper & Gold, Inc. (“FCX”) for shareholders.
Under the terms of the proposed deal valued at $6.9 billion in cash and stock,
Plains shareholders will only receive approximately $50.00 in total
consideration consisting of 0.6531 of FCX common stock and $25.00 in cash for
each share of Plains stock owned, well below at least one analyst’s estimated
value of $78.00 per share.
If you are an affected investor, and you want to learn more about the lawsuit
or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at
The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Plains sale investigation centers on whether Plains’s shareholders are
receiving adequate compensation for their shares in the buyout, whether the
transaction undervalues Plains’s stock, and whether Plains’s board attempted
to obtain the highest share price for all shareholders prior to agreeing to
the deal. Notably, at least one analyst with Yahoo! Finance has estimated that
the true inherent value of Plains’ stock could be as high as $78.00 per share.
According to shareholder rights attorney Patrick Powers, “Due to analysts’
estimates, the size of the deal and other factors, we believe that this
transaction may undervalue Plains stock. Our lawsuit will seek to obtain the
highest share price for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of experience in
complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of
complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits, and
security class actions.
Powers Taylor, LLP
Patrick Powers, 877-728-9607
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
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