Levi & Korsinsky is investigating the Board of Directors of McMoran Exploration Co. (“MMR” or the “Company”) (NYSE: MMR) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX).
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Under the terms of the transaction, MMR shareholders will receive $14.75 in cash and 1.15 units of a royalty trust for each share they hold; the trust will hold a 5% royalty interest in future production from MMR exploration properties in ultra-deepwater territories. The transaction values MMR at $3.4 billion in cash. The investigation concerns whether the MMR Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this agreement with FCX. At least one analyst set a price target for MMR stock at $21.00 per share.
If you own common stock in MMR and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at
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