PAA NATURAL GAS SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Announces the Investigation of the Board of Directors of PAA Natural Gas Storage, L.P. Over the Proposed Sale of the Company to Plains All American Pipeline, L.P. in a Stock Deal
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. (“PAA Natural” 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 Pipeline”) (NYSE: PAA) in a stock deal valued at approximately $2 billion. Under the terms of the proposed transaction, PAA Natural stockholders will receive 0.445 shares of PAA Pipeline for each share of PAA Natural common stock they own.
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.
If you own common stock in PNG and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
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Tel: (212) 983-9330
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