Rigrodsky & Long, P.A. Announces Investigation Of Plains Exploration &
Production Company Buyout
Attention PXP Shareholders: Recent Freeport-McMoRan Copper & Gold Inc. Stock
Price Drop Affects PXP Shareholders’ Potential Consideration
WILMINGTON, Del. -- December 07, 2012
Rigrodsky & Long, P.A. announces that it is investigating potential legal
claims against the board of directors of Plains Exploration & Production
Company (“PXP” or the “Company”) (NYSE: PXP) regarding possible breaches of
fiduciary duties and other violations of law related to the Company’s entry
into an agreement to be acquired by Freeport-McMoRan Copper & Gold Inc.
(“FCX”) (NYSE: FCX) in a transaction valued at approximately $6.9 billion.
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Under the terms of the proposal, public shareholders of PXP will receive
$25.00 in cash and 0.6531 shares of FCX for each share of PXP they own. Based
on FCX’s closing stock price of $38.28 on December 4, 2012, PXP shareholders
would have received consideration valued at approximately $50.00 per share.
However, since that announcement, FCX’s stock has traded as low as $30.54 –
dropping PXP shareholders’ potential consideration to as low as $44.95 – over
$30.00 below a price target set by an analyst, as reported by Yahoo! Finance.
The investigation concerns whether PXP’s board of directors failed to
adequately shop the Company and obtain the best possible value for PXP’s
shareholders before entering into an agreement with FCX.
If you own the common stock of PXP and purchased your shares before December
5, 2012, if you have information or would like to learn more about these
claims, or if you wish to discuss these matters or have any questions
concerning this announcement or your rights or interests with respect to these
matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate
Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242,
by e-mail to firstname.lastname@example.org, or at:
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City,
New York, regularly prosecutes securities class, derivative and direct
actions, shareholder rights litigation and corporate governance litigation, on
behalf of shareholders in states and federal courts throughout the United
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Fax: (302) 654-7530
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