DALLAS, Sept. 15, 2009 (GLOBE NEWSWIRE) -- Kendall Law Group, led by a former federal judge and former U.S. Attorney, announces an investigation on behalf of Parallel Petroleum shareholders (Nasdaq:PLLL).
Parallel Petroleum Corp. has agreed to sell the company to Apollo Global Management LLC. The agreement provides Parallel shareholders with $3.15 per share in cash. The total transaction is valued at approximately $483 million, including the assumption of debt.
Kendall Law Group's investigation concerns whether the Parallel Board of Directors breached its fiduciary duties to 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.
Kendall Law Group has nationwide experience representing investors, at no cost, in mergers and acquisitions. For information about your rights as a Parallel shareholder, contact attorney Hamilton Lindley at 877-744-3728 or by email at hlindley@kendalllawgroup.com.
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