December 05, 201
Bernstein Liebhard LLP is investigating whether the Board of Directors of McMoRan Exploration Co. (“MMR” or the “Company”) (NYSE: MMR) breached its fiduciary duty to its shareholders in agreeing to sell MMR to Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX).
Under the terms of the agreement, MMR shareholders will receive $14.75 in cash and 1.15 units of a royalty trust, which will hold a 5 percent overriding royalty interest in future production from MMR’s existing ultra-deep exploration properties for each share they own. The investigation is focused on the potential unfairness of the price to MMR shareholders and the process by which the MMR Board of Directors considered and approved the transaction.
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.