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Brower Piven Announces Investigation of El Paso Corp.
Headline Legal News |
2011/10/17 10:03
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The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of El Paso Corporation and other violations of state law by the Board of Directors of El Paso relating to the proposed acquisition of the company by Kinder Morgan, Inc. The firm’s investigation seeks to determine whether El Paso’s Board breached its fiduciary duties by, among other things, failing to maximize shareholder value.
On October 16, 2011, El Paso and KMI jointly announced that they have entered into a definitive merger agreement whereby KMI will acquire all outstanding shares of El Paso for $26.87 per share based on the closing prices of each of the companies on October 14, 2011. The joint press release stated that the agreement provides that El Paso shareholders will receive for each of their shares $14.65 in cash plus 0.4187 KMI shares and 0.640 KMI warrants with a five-year term exercisable at $40.00 per share.
According to the joint press release, while under all circumstances El Paso shareholders will receive 0.640 KMI warrants per El Paso share held, subject to proration, El Paso shareholders will be able to elect, for each El Paso share held, either (i) $25.91 in cash, (ii) 0.9635 shares of KMI common stock, or (iii) $14.65 in cash plus 0.4187 shares of KMI common stock. According to the joint release, El Paso’s board, two members of which will join the KMI board after the transaction closes, has agreed not to solicit competing transactions. Further, under certain circumstances, according to the companies, KMI will receive a termination fee of $650 million, or over $0.90 per El Paso share, from El Paso. According to Yahoo! Finance, at least one analyst has set a price target for El Paso of $28 per share.
If you own El Paso common stock and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.
hoffman@browerpiven.com |
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Lieff, Cabraser, Heimann & Bernstein, LLP Announces Class Action
Court News |
2011/10/17 10:02
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The law firm of Lieff, Cabraser, Heimann & Bernstein, LLP is investigating potential securities law violations as alleged in a securities class action lawsuit filed on behalf of purchasers of the common stock of Imperial Holdings, Inc. pursuant and/or traceable to the Company’s initial public offering on or about February 7, 2011 through September 27, 2011, inclusive.
Imperial Holdings shareholders, or individuals with information relating to this investigation, who wish to learn more about the action should click here or contact Sharon M. Lee of Lieff Cabraser toll free at (800) 541-7358.
Background on the Imperial Holdings Securities Class Litigation
The action is brought against Imperial Holdings, certain of its officers and directors, and the underwriters of the IPO for violations of the Securities Act of 1933. Imperial Holdings is a specialty finance company that focuses on providing premium financing for individual life insurance policies.
The action alleges that the Company’s registration statement and prospectus for the IPO, filed with the Securities and Exchange Commission, were materially false and misleading because they failed to disclose that Imperial Holdings had engaged in wrongdoing with respect to its life insurance finance business that would expose the Company and certain of its employees to government investigations.
On September 27, 2011, Imperial Holdings announced that federal investigators had served the Company with a search warrant and that it and certain of its employees, including its Chairman and Chief Executive Officer and its President and Chief Operating Officer, were under investigation in connection with the Company’s life insurance business. In response to this announcement and news of the raid on the Company's headquarters, the price of Imperial Holdings stock declined from $6.30 per share to close at $2.19 per share on September 28, 2011, on extremely heavy trading volume.
About Lieff Cabraser
Lieff, Cabraser, Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last nine consecutive years. For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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Court blocks Ala. from checking student status
Court News |
2011/10/17 10:02
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Armando Cardenas says he has thought about leaving Alabama because of the possibility of being arrested as an illegal immigrant and the hostility he feels from residents.
But now that a federal appeals court has sided with the Obama administration and dealt a blow to the state's toughest-in-the-nation immigration law, Cardenas said he will stay for at least a while longer.
"It's not easy to leave everything you have worked so hard for," Cardenas said after the appeals court blocked public schools from checking the immigration status of students.
The decision from the 11th U.S. Circuit Court of Appeals also said police can't charge immigrants who are unable to prove their citizenship, but it let some parts of the law stand, giving supporters a partial victory. The decision was only temporary and a final ruling isn't expected for months, after judges can review more arguments.
Unlike in other states where immigration crackdowns have been challenged in the courts, Alabama's law was left largely in effect for about three weeks, long enough to frighten Hispanics and drive them away from the state. Construction businesses said Hispanic workers had quit showing up for jobs and schools reported that Latino students stopped coming to classes. |
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Court mulls trial in absentia for Hariri case
Court Watch |
2011/10/16 10:02
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A panel of judges at a U.N.-backed court investigating the 2005 assassination of former Lebanese Prime Minister Rafik Hariri will consider whether to stage a trial in absentia for four Hezbollah members accused in the slaying.
The suspects were indicted earlier this year, but Hezbollah has refused to arrest them and send them for trial in the Special Tribunal for Lebanon's purpose-built courtroom.
The court said in a statement Monday that a pretrial judge preparing the case has asked trial judges "to determine whether proceedings in absentia should be initiated" against the four men.
Iranian-backed Shiite militia Hezbollah denies involvement in the Feb. 14, 2005, truck bombing that killed Hariri and 22 others, including the suicide bomber, in Beirut. |
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High court to rule on Stolen Valor Act
Headline Legal News |
2011/10/15 10:01
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The Supreme Court will decide whether a law making it a crime to lie about having received military medals is constitutional.
The justices said Monday they will consider the validity of the Stolen Valor Act, which passed Congress with overwhelming support in 2006. The federal appeals court in California struck down the law on free speech grounds and appeals courts in Colorado, Georgia and Missouri are considering similar cases.
The Obama administration is arguing that the law is reasonable because it only applies to instances in which the speaker intends to portray himself as a medal recipient. Previous high court rulings also have limited First Amendment protection for false statements.
The court almost always reviews lower court rulings that hold federal laws unconstitutional.
The case concerns the government's prosecution of Xavier Alvarez of Pomona, Calif. A member of the local water district board, Alvarez said at a public meeting in 2007 that he was a retired Marine who received the Medal of Honor, the nation's highest military decoration. In fact, he had never served in the military.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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