Press release from PR Newswire
The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of El Paso Corporation in Connection with the Sale of the Company to Kinder Morgan, Inc.
Monday, October 17, 2011
The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of El Paso Corporation in Connection with the Sale of the Company to Kinder Morgan, Inc.13:10 EDT Monday, October 17, 2011NEW YORK, Oct. 17, 2011 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of El Paso Corporation ("EP" or the "Company") (NYSE: EP) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Kinder Morgan, Inc. ("KMI") (NYSE: KMI). Under the terms of the transaction, EP shareholders may elect to receive, for each EP share held, either $25.91 in cash, 0.9635 KMI shares, or $14.65 in cash plus 0.4187 shares of KMI stock. The transaction has a total approximate value of $38 billion, including the assumption of debt.Click here to learn more about the investigation: http://zlk.9nl.com/elpaso-corporation/, or call: 877-363-5972.The claims concern whether the EP Board of Directors breached their fiduciary duties to EP stockholders by failing to adequately shop the Company before entering into this transaction and whether KMI is underpaying for EP shares, thus unlawfully harming EP stockholders. While the proposed transaction values EP at just $25.91 per share, at least one analyst has set a price target of $28.00 per EP share. Moreover, under the terms of the agreement, EP has agreed not to solicit competing transactions.If you own common stock in EP and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/el-paso-ep.html. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.CONTACT: Levi & Korsinsky, LLPJoseph Levi, Esq.Eduard Korsinsky, Esq.30 Broad Street - 15th Floor New York, NY 10004Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171www.zlk.com SOURCE Levi & Korsinsky, LLP