WPZ INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against Williams Partners, L.P.
March 21 2016 - 4:47PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been brought on behalf
of investors who purchased or otherwise acquired the publicly
traded securities of Williams Partners, L.P. (“WPZ” or the
“Company”) (NYSE: WPZ) between May 13, 2015 and June 19, 2015,
inclusive (the “Class Period”).
If you purchased or acquired WPZ publicly traded securities
during the Class Period, you may move the Court for appointment as
lead plaintiff by no later than May 6, 2016. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the action
will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
WPZ investors who wish to learn more about the litigation and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the WPZ Securities Class Litigation
WPZ is a large-cap master limited partnership providing
infrastructure for North American natural gas and natural gas
products.
The action alleges that, prior to and after Williams Companies,
Inc. (“WMB”), announced a proposed merger with WPZ, WMB had and
continued to have ongoing discussions to be acquired by a third
entity, Energy Transfer Equity (“ETE”) and that WMB’s failure to
disclose these discussions constitutes material misrepresentations
to purchasers of WPZ securities.
WMB, a prominent energy infrastructure company headquartered in
Tulsa, Oklahoma, owns approximately 60% of WPZ’s common units. On
May 13, 2015, WMB and WPZ issued a joint press release announcing
that an agreement had been executed to merge the two entities (the
“WPZ/WMB Merger”) under which WMB would acquire all publicly-held
WPZ common units at a 1.115 ratio of WMB common share per WPZ
common unit. The price of WPZ common units rose 22.7% that day.
However, allegedly WMB previously had been and was still in
discussions with ETE, a Dallas-based company specializing in the
storage and transportation of natural gas, and its representatives
concerning ETE’s proposed acquisition of WMB. WMB allegedly knew
that ETE was not interested in acquiring WPZ’s common units
because ETE’s strategy called for master limited partnerships (like
WPZ) to be separately traded. Further, WMB allegedly knew that WMB
shareholders would not approve the WPZ/WMB Merger if an offer from
ETE were available as an alternative. On May 19, 2015, ETE offered
to acquire WMB at $64 per WMB common share. The offer was
conditioned on WMB terminating the WPZ/WMB Merger agreement. WMB
examined the offer but did not respond formally.
On June 22, 2015, prior to the opening of trading, ETE publicly
announced its offer, the requirement that WMB terminate the WPZ/WMB
Merger agreement and details of ETE’s pursuit of WMB, including
that discussions had been ongoing for some time. That day, the
price of WPZ common units fell 7.6% and the price of WMB common
shares rose 26%.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, is a nationally
recognized law firm committed to advancing the rights of investors
and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for thirteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Best Lawyers and U.S. News have named
Lieff Cabraser as a “Law Firm of the Year” for each year the
publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160321006329/en/
Source/Contact for Media Inquiries OnlyLieff Cabraser
Heimann & Bernstein, LLPSharon M. Lee, 1-800-541-7358
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