Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Crestwood
Midstream Partners LP
SAN DIEGO -- June 17, 2013
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) today announced that a
class action has been commenced in the United States District Court for the
Southern District of Texas on behalf of all holders of Crestwood Midstream
Partners LP (“Crestwood”) (NYSE:CMLP) common units on May 6, 2013, in
connection with the proposed takeover of Crestwood by Inergy, L.P. (“Inergy”).
If you wish to serve as lead plaintiff, you must move the Court no later than
60 days from today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact plaintiff’s
counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or
via e-mail at email@example.com. Any member of the putative class may move the
Court to serve as lead plaintiff through counsel of their choice, or may
choose to do nothing and remain an absent class member.
The complaint charges Crestwood and the Board of Directors of Crestwood’s
general partner, Crestwood Gas Services GP LLC (“Crestwood GP”) (the “Board”),
with violations of the Securities Exchange Act of 1934 (“1934 Act”). Crestwood
is a master limited partnership focused on providing midstream infrastructure
solutions for the development of North American shale and unconventional
The complaint alleges that Crestwood, the Board, Inergy and its affiliates,
and Crestwood’s financial advisor breached their fiduciary duty, and/or aided
and abetted such breaches, in connection with their attempt to consummate the
proposed acquisition of Crestwood by Inergy (the “Proposed Acquisition”)
pursuant to an unfair process and for an unfair price. In addition, the
complaint alleges Crestwood and the Board disseminated a false and misleading
proxy statement in violation of §§14(a) and 20(a) of the 1934 Act and SEC Rule
14a-9 promulgated thereunder in connection with the Proposed Acquisition.
On May 6, 2013, Crestwood and Inergy announced that they had entered into a
definitive agreement (the “Merger Agreement”) whereby Inergy would acquire all
of Crestwood’s outstanding units. Thereafter, on May 29, 2013, defendants
caused a Registration Statement on Form S-4 (the “S-4”) to be filed with the
SEC and disseminated in connection with the upcoming unitholder vote on the
Proposed Acquisition. The complaint alleges the S-4 contains a number of false
and misleading statements that are material to unitholders who are expected to
rely upon the S-4 to determine whether to approve the Proposed Acquisition.
The S-4 omits a number of material facts necessary to make statements made
therein not false and misleading, including the events leading to the Merger
Agreement, the analysis conducted by the Board’s financial advisors, and the
conflicts of interest burdening the various parties to the deal, including one
of Crestwood’s financial advisors, Citigroup Global Markets Inc.
Plaintiff seeks injunctive and equitable relief on behalf of all holders of
Crestwood common units on May 6, 2013. The plaintiff is represented by Robbins
Geller, which has expertise in prosecuting investor class actions and
extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors in
contingency-based securities and corporate litigation. With nearly 200 lawyers
in nine offices, the firm represents hundreds of public and multi-employer
pension funds with combined assets under management in excess of $2 trillion.
The firm has obtained many of the largest recoveries in history and has been
ranked number one in the number of shareholder class action recoveries in
MSCI’s Top SCAS 50 every year since 2003. Please visit http://www.rgrdlaw.com
for more information.
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