NEW YORK, Dec. 5, 2012 /PRNewswire/ -- 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.
If you are interested in discussing your rights as a MMR stockholder, with no obligation or cost to you, please contact U. Seth Ottensoser at:(877) 779-1414 or Ottensoser@bernlieb.com. 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. Bernstein Liebhard LLP 10 East 40th Street New York, New York 10016 (877) 779-1414 www.bernlieb.com ATTORNEY ADVERTISING. © 2012 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.