Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Plains Exploration & Production Company (“Plains”) (NYSE: PXP) to Freeport-McMoRan Copper & Gold, Inc. (“FCX”) for shareholders. Under the terms of the proposed deal valued at $6.9 billion in cash and stock, Plains shareholders will only receive approximately $50.00 in total consideration consisting of 0.6531 of FCX common stock and $25.00 in cash for each share of Plains stock owned, well below at least one analyst’s estimated value of $78.00 per share.

If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at There is no cost or fee to you.

The Plains sale investigation centers on whether Plains’s shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Plains’s stock, and whether Plains’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Notably, at least one analyst with Yahoo! Finance has estimated that the true inherent value of Plains’ stock could be as high as $78.00 per share. According to shareholder rights attorney Patrick Powers, “Due to analysts’ estimates, the size of the deal and other factors, we believe that this transaction may undervalue Plains stock. Our lawsuit will seek to obtain the highest share price for all shareholders.”

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

Copyright Business Wire 2010