Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Parsley Energy, Inc. ("Parsley Energy" or the "Company") (NYSE: PE) breached their fiduciary duties in connection with the proposed sale of the Company to Pioneer Natural Resources Company ("Pioneer") (NYSE: PXD).
On October 20, 2020, Parsley Energy announced that it had entered into a definitive merger agreement with Pioneer. Under the terms of the deal, Parsley Energy stockholders will receive only 0.1252 shares of Pioneer common stock for each share of Parsley common stock they own.
Parsley Energy shareholders will be subject to the future price fluctuation of Pioneer stock price.
The investigation concerns whether the Parsley Energy board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Parsley Energy shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth; also, one Wall Street analyst has a $22.00 price target on the stock. The 52-week high for Parsley Energy was $20.12.
If you are a shareholder of Parsley Energy and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:Johnson Fistel, LLPJim Baker, firstname.lastname@example.org
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SOURCE Johnson Fistel, LLP