NEW YORK, Oct. 22, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross
LLP is investigating claims on behalf of investors of PAA Natural
Gas Storage, L.P. ("PNG" or the "Company") (NYSE-MKT: PNG) (ISIN:
US6931391071) (CUSIP: 693139107) concerning the proposed
acquisition of PNG by Plains All American Pipeline, L.P. ("PAA" or
the "Company").
The investigation concerns whether the PNG directors are
breaching their fiduciary duties by failing to adequately shop the
Company and maximize shareholder value. PNG's public
unitholders will receive 0.445 common units of PAA per PNG common
unit surrendered pursuant to the Merger Agreement, plus cash in
lieu of any fractional common units of PAA. However, the deal
value is $23.12 per share, which is
below the Company's 52-week high of $23.59.
PNG shareholders seeking more information about this acquisition
are advised to contact Robert
Willoughby at rswilloughby@pomlaw.com or 212-661-1100 or
888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 75 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of defrauded
investors. See www.pomerantzlaw.com.
CONTACT:
Robert
Willoughby
Pomerantz Grossman Hufford Dahlstrom
& Gross LLP
212-661-1100 ext. 237
rswilloughby@pomlaw.com
SOURCE Pomerantz Grossman Hufford
Dahlstrom & Gross LLP