BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf CVR Refining, LP ("CVRR" or the Company") (CVRR) investors concerning the Company and its officers’ possible violations of federal securities laws.
On July 30, 2018, CVRR announced that the General Partner, CVI, and other affiliates now owned 84.5 percent of the outstanding CVRR common units, and could exercise the buyout provision in CVRR’s partnership agreement (the “Call Right”). Under the Call Right, the General Partner had the right to acquire all remaining CVRR units for a specified price. On August 1, 2018, the Company stated that there were “no current plans to exercise the call right.”
On October 24, 2018, CVRR released its third quarter 2018 financial results, a significant increase over the prior year results.
On November 29, 2018 it was now “considering” exercising the Call Right, and that neither it, nor any of its affiliates, had purchased CVRR units in the 90-day period predating the announcement, further driving down the CVRR unit price. Then, on January 17, 2019, CVRR issued a press release announcing the General Partner had assigned the Call Right to CVI, and that CVI would exercise the Call Right on January 29, 2019, “for a cash purchase price of $10.50 per Common Unit,” which price was based on the 20-day trading average of CVRR units ending on January 14, 2019.
If you purchased CVRR securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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