Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against of CVR Refining, LP (CVRR)

LOS ANGELES--()--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 5, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who sold CVR Refining, LP ("CVRR" or the Company") (CVRR) common units between July 30, 2018 through January 28, 2019, inclusive (the “Class Period”).

If you suffered a loss on your CVRR investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.

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.

The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose: (1) that following the Exchange Offer, reduced public float and the threat of the Call Right began depressing the price of CVRR units, more than offsetting favorable financial results; (2) that as the price for CVRR units stagnated, and more than 90 days had passed since expiration of the Exchange Offer, Defendants announced that they were "considering" exercising the Call Right to further drive down the unit price; and (3) as a result, once the price of CVRR units had substantially declined, Defendants exercised the Call Right, which price was based on the (manipulated) 20-day trading average of CVRR units.

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If you sold CVRR common units during the class period, you may move the Court no later than June 5, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

Release Summary

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against of CVR Refining, LP (CVRR)

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Contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com