The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Pride International, Inc. (“Pride International” or “PDE”) (NYSE: PDE) related to the proposed buyout of Pride International by Ensco, PLC. The definitive acquisition agreement, which was announced on February 7, 2011, involves a combined stock-and-cash transaction valued at approximately $7.3 billion, whereby each Pride shareholder will receive a fixed ratio of .04778 shares of Ensco stock and $15.60 in cash for each share of Pride International stock they own. The acquisition price reflects a value of only $41.60 per share to Pride International shareholders.
The investigation relates to the fairness of the proposed transaction to Pride International shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Pride International for approving this transaction, and whether Pride International’s Board of Directors acted in the shareholders’ best interests.
If you currently own shares of Pride International/PDE and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.