NEW YORK, Nov. 21, 2003 (PRIMEZONE) -- A class action has been filed in the Delaware Court of Chancery, New Castle County, on behalf of all Plains Resources Inc. (NYSE:PLX) shareholders to enjoin the sale of the Company to its Chairman James C. Flores, Chief Executive Officer John T. Raymond and others at a grossly inadequate consideration, and for damages.
The Complaint charges that on or about November 20, 2003, Plains announced that it had received an offer from defendants Flores and Raymond as well as Vulcan Capital to acquire the Company for $14.25 a share in cash, which amounted to a premium of only 7.6 percent to Plains' then current trading price and at a very significant discount to what it had traded at earlier in the year. Plains is currently trading in excess of the buyout offer price. The Complaint charges defendants with breach of fiduciary duty in failing, inter alia, to properly maximize the value of Plains. The Complaint seeks to obtain a full and fair price for all shareholders.
If you you are a current holder of Plains shares and wish to discuss your rights, please contact Roy Jacobs:
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca