December 05, 2012
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).
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.
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.