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Brower Piven Announces Investigation of El Paso Corp.
Law Firm News |
2011/10/17 10:07
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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
Press Release |
2011/10/17 10:07
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The law firm of Lieff, Cabraser, Heimann amp; 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 amp; 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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Utah man charged with threatening air marshals
Legal News Digest |
2011/10/17 10:07
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A Utah man has been charged in federal court after authorities say he threatened to shoot air marshals, hijack the flight and urinate in the cabin of a Delta Airlines plane en route from Amsterdam to Detroit.
During a Thursday appearance in U.S. District Court in Salt Lake City, a judge allowed Jared L. Hansen to remain free pending a Nov. 7 hearing in Detroit. Hansen was ordered to surrender his passport and abstain from drinking alcohol, among other conditions.
He didn't return a telephone message seeking comment Thursday, and no attorney was listed for him in court records.
Hansen, 31, was aboard an Oct. 4 Delta Airlines flight from Amsterdam to Detroit when authorities say he attempted to use the bathroom in the business class section of the cabin. Members of the flight crew asked him to either return to his seat or use the facilities in the rear of the cabin, but he refused, according to a criminal complaint filed in U.S. District Court in Detroit.
Hansen, who was believed to be heavily intoxicated, then threatened to urinate in the cabin and exposed himself, authorities said. |
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High court to rule on Stolen Valor Act
Headline Legal News |
2011/10/17 10:06
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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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Court blocks Ala. from checking student status
Law News |
2011/10/17 10:06
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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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