Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of McMoRan Exploration Company (“McMoRan Exploration” or the “Company”) (NYSE: MMR) (ISIN: US5824111042) concerning the proposed acquisition of McMoRan Exploration by Freeport-McMoRan Copper & Gold Inc. in a transaction valued at approximately $3.4 billion in cash. The investigation concerns whether the McMoRan Exploration directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, McMoRan Exploration shareholders will be entitled to receive $14.75 per share and would also receive 1.15 units of a royalty trust for each share they hold. However, analysts’ estimates had a target price of $21.00. McMoRan Exploration shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at email@example.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.
McMoRan Exploration (NYSE:MMR) hit a new 52-week high Tuesday as it is currently trading at $16.17, above its previous 52-week high of $16.13 with 84,782 shares traded as of 9:39 a.m. ET. Average volume has been 5.4 million shares over the past 30 days.