WASHINGTON, Sept. 16, 2009 (GLOBE NEWSWIRE) -- Finkelstein Thompson LLP is investigating potential shareholder claims arising from the proposed acquisition of Parallel Petroleum Corporation ("Parallel Petroleum" or the "Company") (Nasdaq:PLLL) by private equity firm Apollo Global Management LLC in a cash deal worth $483 million. Under the terms of the proposed acquisition, Parallel Petroleum shareholders will receive $3.15 in cash for each share of Parallel common stock they own.
The investigation is focused on the potential unfairness of the proposed acquisition price and of the process by which the Company's Board of Directors is addressing 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.
If you are interested in discussing your rights as a Parallel Petroleum shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at contact@finkelsteinthompson.com.
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
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