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| Protecting the Rights of Shareholders and Consumers |
Parallel Petroleum Corp. Securities Litigation
Parallel Petroleum Corp. (NasdaqGS: PLLL) shareholder litigation over alleged unfair takeover
On September 15, 2009, Parallel Petroleum Corp. (“Parallel” or the “Company”) announced that it agreed to sell the
Company to Apollo Global Management LLC. Under the terms of the agreement, Parallel shareholders would receive $3.15 per
share in cash for each Parallel share they own. The total transaction is valued at approximately $483 million, including the
assumption of debt.
The investigation concerns whether the Parallel Board of Directors breached their fiduciary duties to Parallel shareholders given
that the Company's shares traded at a 52-week high of over $11.00 per share and the median price target for Parallel stock set by
analysts is $4.00 per share, with a high target of $7.00 per share.
On September 15, 2009, Parallel Petroleum Corp. (“Parallel” or the “Company”) announced that it agreed to sell the
Company to Apollo Global Management LLC. Under the terms of the agreement, Parallel shareholders would receive $3.15 per
share in cash for each Parallel share they own. The total transaction is valued at approximately $483 million, including the
assumption of debt.
The investigation concerns whether the Parallel Board of Directors breached their fiduciary duties to Parallel shareholders given
that the Company's shares traded at a 52-week high of over $11.00 per share and the median price target for Parallel stock set by
analysts is $4.00 per share, with a high target of $7.00 per share.
