The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from PR Newswire

Law Office of Brodsky & Smith, LLC Announces Investigation of McMoRan Exploration Co.

Friday, December 07, 2012

Law Office of Brodsky & Smith, LLC Announces Investigation of McMoRan Exploration Co.21:30 EST Friday, December 07, 2012BALA CYNWYD, Pa., Dec. 7, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of McMoRan Exploration Co. ("McMoRan" or the "Company") (NYSE: MMR) relating to the proposed acquisition by Freeport-McMoRan Copper & Gold, Inc. ("Freeport"). Under the terms of the transaction, McMoRan shareholders will receive only $14.75 in cash and 1.15 units of a royalty trust holding %5 overriding royalty interest in future production from McMoRan's existing ultra-deep exploration properties for each share of McMoRan stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of McMoRan for not acting in the Company's shareholders' best interests in connection with the sale process to Freeport. The transaction may undervalue the Company and will not result in a gain for many McMoRan shareholders. For example McMoRan stock traded at $18.66 on June 29, 2011 and an analyst has set a $21.00 per share price target for McMoRan stock. In addition, Freeport offer price may reflect the reported short term difficulties McMoRan may be having obtaining a production flow test from its deep natural gas well in the Gulf of Mexico.If you own shares of McMoRan stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions.  You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com visiting http://brodsky-smith.com/515-mmr-mcmoran-exploration-co.html, by calling toll free 877-LEGAL-90.SOURCE Brodsky & Smith, LLC