A partnership that runs natural gas pipelines recently received a class action lawsuit on behalf of shareholders.
Law firm WeissLaw, LLP, filed a class action claim against PVR Partners, LP, in the U.S. District Court for the Eastern District of Pennsylvania. This involves the pending sale of the company from its board of directors to Regency Energy Partners, LP. Shareholders who owned stock on Oct. 9, 2013 are included in the class period.
The company's board of directors allegedly breached fiduciary duties and Sections 14(a), 20(a) and Rule 14a-9 of the Securities Exchange Act of 1934. Regency and other affiliates are accused of the same issues in the lawsuit.
The companies came to an agreement on Oct. 9, 2013, that would give Regency all outstanding shares of the company. However, the board of PVR released a registration statement that may be either false or misleading. This is because it does not include some important information that would make it accurate.
Those who are interested in becoming the case's lead plaintiff need to speak with the court within 60 days of the filing date. Paperwork will need to be given in order to complete this process and have an opportunity to be selected. It is not necessary for a shareholder to be lead plaintiff in order to collect in the event of a decision.
Shareholders who have questions about the case, especially regarding how it will affect them, can speak with Michael Rogovin or Kelley Keenan of the law firm. They can be reached by email or telephone.
Further lawsuit filed
Another law firm filed a claim against PVR in the same court, with many of the aforementioned issues listed as reasoning.
Bernstein Liebhard, LLP, made the announcement that it filed the suit against the company on behalf of shareholders who owned stock during the class period.
The natural resource property company is alleged to have violated federal laws, as it did not keep the necessary parties informed of issues related to the proposed merger, as well as steps leading up to the process.
Those shareholders who want to speak about the case including their rights as a stockholder, can contact Joseph Seidman, Jr. He can be reached by phone or email. Those who may have information about the case are also encouraged to make contact.