NEW YORK--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) today announced that a class action has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of all holders of common units of PVR Partners, L.P. (“PVR Partners” or the “Partnership”) (NYSE:PVR) as of November 8, 2013, against PVR Partners, PVR GP, Edward B. Cloues II, James L. Gardner, Robert J. Hall, Thomas W. Hofmann, E. Bartow Jones, Marsha R. Perelman, Williams H. Shea, Jr., John C. Van Roden, Jr., Andrew W. Ward, Jonathan B. Weller, Regency Energy Partners LP (“Regency”), RVP LLC and Regency GP LP (collectively, “Defendants”) for violations of state and federal law, breaches of fiduciary duty, and/or breaches of express and implied contractual duties, and/or aiding and abetting thereof, in connection with the proposed sale of PVR Partners to Regency, pursuant to which PVR Partners unitholders will receive a one-time cash payment valued at approximately $40 million in the aggregate, as well as 1.02 Regency units, which values the total consideration at $28.68 per common unit.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from December 16, 2013. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Mark S. Reich of Robbins Geller at 631/367-7100, or via email at firstname.lastname@example.org. 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 Defendants with violations of the Securities Exchange Act of 1934, and alleges that Defendants failed to disclose material information in a proxy statement filed with the SEC and publicly disseminated in connection with the proposed sale of PVR Partners to Regency. PVR Partners is a publicly traded master limited partnership focused on owning and operating a network of natural gas midstream pipelines and processing plants and owning and managing coal and natural resource properties. The Partnership’s midstream assets, located principally in Texas, Oklahoma and Pennsylvania, provide gathering, transportation, compression, processing, dehydration and related services to natural gas producers. Its coal and natural resource properties, located in the Appalachian, Illinois, and San Juan basins, are leased to experienced operators in exchange for royalty payments.
According to the complaint, the proxy statement was materially false and misleading because it made numerous misleading statements and material omissions about the process leading up to the agreement between PVR Partners and Regency and the work performed by PVR Partners’ financial advisors, Evercore Partners and Citigroup Global Markets, who were retained by PVR Partners to evaluate the fairness of Regency’s offer and to effectuate the proposed acquisition.
Plaintiff seeks injunctive relief on behalf of all PVR Partners unitholders as of November 8, 2013 (the “Class”). 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 across ten 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 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 on the firm.