Faruqi & Faruqi, LLP Announces Filing of a Class Action Lawsuit Against Energy Transfer Partners, L.P.

Faruqi & Faruqi, LLP Announces Filing of a Class Action Lawsuit Against Energy Transfer Partners, L.P.

PR Newswire

NEW YORK, Jan. 25, 2017 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the District of Delaware, case no. 1:17-cv-00069, on behalf of the holders of the common units of Energy Transfer Partners, L.P. ("ETP" or the "Partnership") (NYSE: ETP) for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in connection with  the Partnership's proposed merger with Sunoco Logistics Partners L.P. ("SXL").  

Faruqi & Faruqi, LLP. (PRNewsFoto/Faruqi & Faruqi, LLP)

On November 21, 2016, the Company announced it had entered into an Agreement and Plan of Merger ("Merger Agreement") under which SXL will acquire all of the outstanding units of ETP through SXL's newly formed wholly-owned Delaware company, SXL Acquisition Sub LLC (the "Proposed Transaction").

If you wish to obtain information concerning this action or view a copy of the complaint, you can do so by clicking here: www.faruqilaw.com/ETPnotice.

Pursuant to the terms of the Merger Agreement, ETP unitholders will receive 1.5 SXL common units for each of their ETP common units held, and holders of ETP Series A Cumulative Convertible Preferred Units (the "Series A units") will receive an equal number of SXL preferred units. Based on the closing price of ETP's common units on November 18, 2016, the last trading day before the Merger Agreement was announced, the implied merger consideration is approximately $39.29 per unit.

The complaint alleges that the Form S-4 Registration Statement (the "S-4") filed with the Securities and Exchange Commission ("SEC") on December 19, 2016 provides materially incomplete and misleading information about the Partnership and the Proposed Transaction, in violation of Sections 14(a) and 20(a) of the Exchange Act. The S-4 fails to provide ETP's unitholders with material information concerning the financial and procedural fairness of the Proposed Transaction.

Take Action

Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.  Faruqi & Faruqi, LLP, was founded in 1995 and the firm maintains its principal office in New York City, with offices in Delaware, California, and Pennsylvania.

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today.  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.  If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:

Nadeem Faruqi, Esq.
James Banko, Esq.
FARUQI & FARUQI, LLP
685 3rd Avenue, 26th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
E-mail: nfaruqi@faruqilaw.com 
jbanko@faruqilaw.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/faruqi--faruqi-llp-announces-filing-of-a-class-action-lawsuit-against-energy-transfer-partners-lp-300397034.html

SOURCE Faruqi & Faruqi, LLP

Copyright CNW Group 2017