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Press release from PR Newswire

Plains Exploration & Production Company Shareholder Alert: Bernstein Liebhard LLP Announces Investigation of Acquisition by Freeport-McMoRan Copper & Gold Inc.

Wednesday, December 05, 2012

Plains Exploration & Production Company Shareholder Alert: Bernstein Liebhard LLP Announces Investigation of Acquisition by Freeport-McMoRan Copper & Gold Inc.12:28 EST Wednesday, December 05, 2012NEW YORK, Dec. 5, 2012 /PRNewswire/ -- Bernstein Liebhard LLP is investigating whether the Board of Directors of Plains Exploration & Production Company ("PXP" or the "Company") (NYSE: PXP) breached its fiduciary duty to its shareholders in agreeing to sell PXP to Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX).(Logo: http://photos.prnewswire.com/prnh/20120202/MM47134LOGO )Under the terms of the agreement, PXP shareholders will receive 0.6531 shares of FCX common stock and $25.00 in cash, equivalent to total consideration of $50.00 per PXP share, based on the closing price of FCX stock on December 4, 2012.  The investigation is focused on the potential unfairness of the price to PXP shareholders and the process by which the PXP Board of Directors considered and approved the transaction.If you are interested in discussing your rights as a PXP stockholder, with no obligation or cost to you, please contact U. Seth Ottensoser at: (877) 779-1414 or Ottensoser@bernlieb.com.Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients.  It has been named to The National Law Journal's "Plaintiffs' Hot List" in each of the last ten years.Bernstein Liebhard LLP 10 East 40th Street New York, New York 10016 (877) 779-1414 www.bernlieb.comATTORNEY ADVERTISING. © 2012 Bernstein Liebhard LLP.  The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414.  The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin.  Prior results do not guarantee or predict a similar outcome with respect to any future matter.SOURCE Bernstein Liebhard LLP