NEW YORK--(BUSINESS WIRE)--Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of PAA Natural Gas Storage, L.P. (“PNG” or the “Company”) (NYSE:PNG) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Plains All American Pipeline, L.P. (“PAA”) (NYSE: PAA). Under the terms of the proposed transaction, PNG’s stockholders will receive 0.435 of common shares of PAA, or approximately $21.95 based on PAA’s closing price on September 5, 2013, for each share of PNG common stock they own. According to Yahoo! Finance, at least one financial analyst has set a price target of $23.00 for PNG.
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The investigation focuses on whether PNG’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of PNG’s shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in PNG and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/ PNG or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.
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