WeissLaw LLP, a national class action and shareholder rights law firm
with offices in New York City and Los Angeles, is investigating possible
breaches of fiduciary duty and other violations of law by the Board of
WeissLaw LLP, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of McMoRan Exploration Co. (“McMoRan” or the “Company”) (NYSE: MMR) arising from its agreement for McMoRan to be acquired by Freeport-McMoRan Copper & Gold Inc. (“Freeport”) (NYSE: FCX), in a transaction valued at approximately $3.4 billion. Under the terms of the proposed acquisition McMoRan shareholders will receive $14.75 in cash and 1.15 units of a royalty trust holding a 5% overriding royalty interest in future production from McMoRan’s existing ultra-deep exploration properties, for each McMoRan share they own. WeissLaw LLP is investigating whether McMoRan’s Board acted in the best interests of its public shareholders by actively shopping the Company to maximize shareholder value for McMoRan’s public shareholders, prior to entering into the proposed acquisition with Freeport. Additionally, at least one analyst set a price target for McMoRan stock at $21.00 per share. If you own McMoRan shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Michael A. Rogovin either by email at firstname.lastname@example.org or by telephone at (888) 593-4771. WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.
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.