Rigrodsky & Long, P.A. Announces Investigation Of PAA Natural Gas Storage, L.P. Proposed Buyout

Business Wirevia The Motley Fool
Updated

Rigrodsky & Long, P.A. Announces Investigation Of PAA Natural Gas Storage, L.P. Proposed Buyout

WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:

  • Do you own shares of PAA Natural Gas Storage, L.P. (NYSE:PNG)?

  • Did you purchase any of your shares prior to August 27, 2013?

  • Do you think the proposed buyout value is too low?

  • Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of PAA Natural Gas Storage, L.P. ("PNG" or the "Company") (NYSE: PNG) regarding possible breaches of fiduciary duties and other violations of law related to the Company's receipt of a proposal to be acquired by Plains All American Pipeline, L.P. ("PAA") (NYSE: PAA) in a transaction valued at approximately $750 million.


Click here to learn more: http://www.rigrodskylong.com/investigations/paa-natural-gas-storage-l-p-png.

Under the terms of the proposal, public shareholders of PNG will receive 0.435 shares of PAA for each share of PNG they own. Based upon PAA's closing stock price of $50.90 on August 28, 2013, PNG shareholders would have received consideration valued at approximately $22.14 per share.

The investigation concerns the Company's board of directors' process for consideration of the proposed transaction, whether PNG is acting in its shareholders' best interests and whether the proposed consideration to be paid to PNG's shareholders would be fair and adequate. According to Yahoo! Finance, at least one analyst has set a price target for PNG stock at $23.00 per share.

If you own the common stock of PNG and purchased your shares before August 27, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brian Long or Shaye Fuchs at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530, by telephone at (888) 969-4242; by e-mail to info@rl-legal.com, or at: http://www.rigrodskylong.com/investigations/paa-natural-gas-storage-l-p-png.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.



Rigrodsky & Long, P.A.
Brian Long
Shaye Fuchs
888-969-4242
516-683-3516
Fax: 302-654-7530
info@rl-legal.com
http://www.rigrodskylong.com

KEYWORDS: United States North America Delaware

INDUSTRY KEYWORDS:

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