Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Plains Exploration & Production Company (“Plains Exploration” or the “Company”) (NYSE: PXP) (ISIN: US7265051000) concerning the proposed acquisition of Plains Exploration by Freeport-McMoRan Copper & Gold Inc. in a transaction valued at approximately $6.9 billion in cash.

The investigation concerns whether the Plains Exploration directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Plains Exploration shareholders will be entitled to receive $25.00 per share in cash and 0.6531 shares of common stock for each Plains Exploration share, currently valued at $50.00 per share. However, analysts’ estimates had target prices of $60.00 to $70.00 per share.

Plains Exploration shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at rswilloughby@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 237.

The Pomerantz Firm, with offices in New York, Chicago and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.

Copyright Business Wire 2010