October 22, 2013
Bernstein Liebhard LLP is investigating whether the Board of Directors of PAA Natural Gas Storage, L.P. (“PNG” or the “Company”) (NYSE: PNG) breached its fiduciary duty to its unitholders in agreeing to sell PNG to Plains All American Pipeline, L.P. (“PAA”).
Under the terms of the agreement, PNG’s public unitholders will receive 0.445 common units of PAA per PNG common unit surrendered, plus cash in lieu of any fractional common units of PAA. The investigation is focused on the potential unfairness of the price to PNG shareholders and the process by which the PNG 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 eleven years.