| Company: | Plains Resources Inc. |
| Ticker Symbol: | NYSE: PLX |
| Allegations: |
A class action lawsuit has been filed in the Delaware Court of Chancery, New Castle County, on behalf of all Plains Resources Inc. ("Plains") (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 Plains for $14.25 per share in cash, which amounted to a premium of only 7.6% 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 breaches of fiduciary duty in failing, among other things, to properly maximize the value of Plains. The Complaint seeks to obtain a full and fair price for all shareholders.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
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 Plains for $14.25 per share in cash, which amounted to a premium of only 7.6% 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 breaches of fiduciary duty in failing, among other things, to properly maximize the value of Plains. The Complaint seeks to obtain a full and fair price for all shareholders.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
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