Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by members of the Board of Directors of Pride International, Inc. (NYSE: PDE) arising from the proposed acquisition of Pride by Ensco plc (NYSE: ESV).
Under the terms of the transaction, shareholders will receive 0.4778 newly-issued shares of Ensco and $15.60 in cash for each share of Pride common stock. Based on Ensco’s closing share price on February 4, 2011, the offer values Pride stock at $41.60 per share. The transaction is expected to close as soon as the second quarter of 2011.
Weiss & Lurie is investigating whether Pride’s Board acted in the best interests of shareholders in approving the transaction and whether the Board properly sought to maximize shareholder value. Notably, upon completion of the transaction, two of Pride’s directors will sit on the surviving company’s board of directors.
If you own Pride shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at firstname.lastname@example.org or by telephone at (888) 593-4771.Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (such as insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading press releases or SEC filings), consumer fraud (such as false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.