Brannon Law Firm, L.L.C., a Metairie, Louisiana based securities litigation law firm, announces that it is commencing an investigation into the Board of Directors of McMoRan Exploration Co. ("MMR" or the "Company") (NYSE: MMR) to determine whether it has breached its fiduciary duties and other possible violations of state law in connection with the sale of MMR to Freeport-McMoRan Copper & Gold, Inc. (NYSE: FCX). The transaction values MMR at $3.4 billion in cash. 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’s ultra-deep exploration properties. The investigation is focused on the potential unfairness of the consideration to MMR shareholders and whether MMR’s Board of Directors acted in the shareholders’ best interest and properly shopped the company before entering into the acquisition agreement with Freeport-McMoRan Copper & Gold, Inc. At least one analyst set a price target for MMR stock at $21.00 per share. If you have information relevant to this investigation that you would like to share with us in furtherance of the shareholders’ interest in this matter, then please call us right away. If you own this stock and wish to know more about this matter and/or how it affects your rights then please contact us immediately. There is no obligation or cost to you when you contact us. You may contact us by email or telephone through Paul M. Brannon [email: PMB@BrannonLawFirm.com] / [Telephone (504) 456-8696]. Brannon Law Firm, L.L.C.Paul M. Brannon3500 North Hullen StreetMetairie, Louisiana 70002Phone: 504-456-8696Fax: 504-456-8697 PMB@BrannonLawFirm.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.