Attorney Advertising. Notice is hereby given that a class action has been commenced on behalf of shareholders of Parallel Petroleum Corporation (“PLLL” or the “Company”) (Nasdaq: PLLL) arising from the Company’s September 15, 2009 announcement that it has entered into a definitive agreement for the Company to be acquired by an affiliate of Apollo Global Management, LLC (“Apollo”), in a transaction valued at approximately $483 million.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by calling 1-800-337-4983 or 1-212-687-7230, or by email to ssbny@aol.com or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017.

The action arises from the potential unfairness of the proposed transaction and from the process by which the Company’s Board of Directors addressed the offer. In particular, the price offered to shareholders is significantly below the stock’s 52-week high of $10.70. Moreover, the offer price appears to be more than 50% lower than the $7 target price of certain analysts.

Under the terms of the agreement, an affiliate of Apollo will commence a tender offer to purchase all of PLLL’s outstanding common shares and associated preferred stock purchaser rights for $3.15 per share, without interests and less any applicable withholding taxes, representing an aggregate of approximately $132 million. Apollo will also assume approximately $351 million of PLLL’s net indebtedness, rendering an overall transaction value of $483 million.

On September 24, 2009, PLLL announced the commencement of the tender offer, which is set to expire at midnight New York City time on October 22, 2009, unless extended in accordance with the terms of the merger agreement and the applicable rules and regulations of the Securities and Exchange Commission. Following the completion of the tender offer, the parties will complete a second-step merger in which any remaining shares of the Company will be converted into the right to receive the same price per share paid in the tender offer. The transaction does not require the consent of PLLL’s bondholders, but as required by its indenture, PLLL will offer to repurchase all $150 million of the Company’s 10.25% Senior Notes due 2014, at 101% of face value.

Stull, Stull & Brody has litigated many class actions for violations of securities laws and breaches of fiduciary duties on behalf of defrauded investors over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody has offices in New York and Los Angeles.

Attorney advertising. Prior results do not guarantee a similar outcome.

Piedmont Lithium Ltd (NASDAQ:PLLL)
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