Plains Exploration & Production Company Shareholder Alert:
Bernstein Liebhard LLP Announces Investigation of Acquisition by
Freeport-McMoRan Copper & Gold Inc.
NEW YORK, Dec. 5, 2012 /PRNewswire/ -- Bernstein Liebhard
LLP is investigating whether the Board of Directors of Plains
Exploration & Production Company ("PXP" or the "Company")
(NYSE: PXP) breached its fiduciary duty to its shareholders in
agreeing to sell PXP to Freeport-McMoRan Copper & Gold Inc.
(NYSE: FCX).
(Logo: http://photos.prnewswire.com/prnh/20120202/MM47134LOGO
)
Under the terms of the agreement, PXP shareholders will receive
0.6531 shares of FCX common stock and $25.00 in cash, equivalent to total consideration
of $50.00 per PXP share, based on the
closing price of FCX stock on December
4, 2012. The investigation is focused on the potential
unfairness of the price to PXP shareholders and the process by
which the PXP Board of Directors considered and approved the
transaction.
If you are interested in discussing your rights as a PXP
stockholder, with no obligation or cost to you, please contact
U. Seth Ottensoser at:
(877) 779-1414
or
Ottensoser@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. It
has been named to The National Law Journal's "Plaintiffs'
Hot List" in each of the last ten years.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2012 Bernstein Liebhard LLP. The
law firm responsible for this advertisement is Bernstein Liebhard
LLP, 10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for
this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
SOURCE Bernstein Liebhard LLP