Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Williams Partners L.P.
Oklahoma City, OK (March 11, 2016) – On March 7, 2016, a securities class action lawsuit was filed in the United States District Court for the Northern District of Oklahoma against Williams Partners L.P. (NYSE: WPZ). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 13, 2015 through June 19, 2015.
The Complaint alleges that defendants made false and/or misleading statements and omitted material facts related to the Company’s proposed merger by which the publicly-traded common units of WPZ would be acquired by WPZ’s controlling unitholder, The Williams Companies, Inc. (“WMB”). The merger agreement between WPZ and WMB was publicly announced on May 13, 2015, However, the Complaint alleges that defendants failed to disclose that WMB had been, and was still, engaged in negotiations with Energy Transfer Equity L.P. (“ETE”) for ETE to acquire WMB, a transaction that would have been conditioned on WMB terminating its agreement to merge with WPZ. As a result of the announcement of the merger agreement between WPZ and WMB and defendants’ failure to disclose ETE’s pursuit of WMB, WPZ common units traded at inflated prices, rising as high as $59.44 per unit on May 15, 2015 from a closing price of $47.40 on May 12, 2015.
On June 21, 2015, WMB issued a press release announcing that its board of directors had authorized a process to explore a range of strategic alternatives following the receipt of a proposal to acquire WMB. On June 22, 2015, ETE issued a press release confirming that it had made the proposal to acquire WMB and that its proposal was conditioned on the termination of the merger agreement between WPZ and WMB. On this news, the price of WPZ common units fell dramatically 7.6%, from a $53.14 per unit closing price on June 19, 2015 to a $49.10 per unit closing price on June 22, 2015
Plaintiff seeks to recover damages on behalf of all Williams Partners L.P. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, May 6, 2016 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Fri, March 11, 2016
by Robin Hester filed under