SAN DIEGO, Oct. 21, 2020 /PRNewswire/ — Shareholder rights legislation agency Johnson Fistel, LLP has launched an investigation into whether or not the board members of Parsley Power, Inc. (“Parsley Power” or the “Firm”) (NYSE: PE) breached their fiduciary duties in reference to the proposed sale of the Firm to Pioneer Pure Sources Firm (“Pioneer”) (NYSE: PXD).
On October 20, 2020, Parsley Power introduced that it had entered right into a definitive merger settlement with Pioneer. Below the phrases of the deal, Parsley Power stockholders will obtain solely 0.1252 shares of Pioneer frequent inventory for every share of Parsley frequent inventory they personal.
Parsley Power shareholders can be topic to the long run value fluctuation of Pioneer inventory value.
The investigation considerations whether or not the Parsley Power board didn’t fulfill its duties to the Firm shareholders, together with whether or not the board adequately pursued alternate options to the acquisition and whether or not the board obtained the very best value potential for Parsley Power shares of frequent inventory. Nationally acknowledged Johnson Fistel is investigating whether or not the proposed deal represents ample consideration, particularly given analysts’ projections for future earnings and income progress; additionally, one Wall Avenue analyst has a $22.00 value goal on the inventory. The 52-week excessive for Parsley Power was $20.12.
In case you are a shareholder of Parsley Power and imagine the proposed buyout value is simply too low otherwise you’re eager about studying extra in regards to the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please embody a telephone quantity.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally acknowledged shareholder rights legislation agency with workplaces in California, New York, and Georgia. The agency represents particular person and institutional traders in shareholder by-product and securities class motion lawsuits. For extra details about the agency and its attorneys, please go to https://www.johnsonfistel.com. Legal professional promoting. Previous outcomes don’t assure future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]
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SOURCE Johnson Fistel, LLP
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