Hagens Berman Advises Williams Partners L.P. (NYSE: WPZ) Investors of May 6, 2016 Lead Plaintiff Deadline in a Newly Filed Cl...
April 04 2016 - 7:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm announces the filing of a securities fraud class action
lawsuit against Williams Partners L.P. (NYSE:WPZ) regarding
misleading statements to its investors about an acquisition of WPZ
by The Williams Companies and alerts WPZ investors of the May 6,
2016 lead plaintiff deadline.
If you suffered significant losses because of your purchases of
WPZ between May 13, 2015 and June 19, 2015, or have information
that will help our investigation contact Hagens Berman Partner Reed
Kathrein, who is leading the firm’s investigation by calling
510-725-3000, emailing WPZ@hbsslaw.com or visiting
https://www.hbsslaw.com/cases/WPZ. The lawsuit was filed in the
U.S. District Court for the Northern District of Oklahoma and
investors have until May 6, 2016 to move the court to participate
as a lead plaintiff.
On May 13, 2015, WPZ and The Williams Companies, Inc. (“WMB”)
jointly announced that an agreement had been executed to merge the
two entities. The agreement provided that WMB would acquire
all publicly-held WPZ common units at a 1.115 ratio of WMB common
share per WPZ common unit. In response to this news, the
price of WPZ common units rose 22.7% that day.
However, as alleged in the complaint, Defendants failed to
disclose to WPZ investors that before and after the May 13, 2015
merger announcement, WMB was negotiating to sell itself to Energy
Transfer Equity (“ETE”). On June 19, 2015, ETE submitted its
written offer to acquire WMB for an implied price of $64.00 per WMB
common share and was conditioned on terminating the WPZ/WMB merger
agreement. On June 22, 2015, ETE publicly announced its
offer, including the requirement that WMB terminate the WPZ/WMB
merger agreement. In response to this news, the price of WPZ
common units fell 7.6% while the price of WMB common stock rose
nearly 26% that day.
The complaint also alleges that Defendants’ false and misleading
statements and knowing failures to disclose ETE’s interest in WMB
to WPZ investors when the WPZ/WMB merger agreement was announced on
May 13, 2015 artificially inflated the price for WPZ common units
at all relevant times.
Whistleblowers: Persons with non-public
information regarding Williams Partners should consider their
options to help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at
510-725-3000 or email WPZ@hbsslaw.com.
Contact:
Reed Kathrein, 510-725-3000
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