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TMCNet:  SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Class Action Lawsuit Has Been Filed Against The Board Of Directors Of El Paso Pipeline Partners, L.P.

[July 03, 2014]

SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Class Action Lawsuit Has Been Filed Against The Board Of Directors Of El Paso Pipeline Partners, L.P.

WILMINGTON, Del. --(Business Wire)--

Rigrodsky & Long, P.A. announces that a complaint alleging breaches of fiduciary duty and other violations of law has been filed in the Delaware Court of Chancery against the board of directors of El Paso Pipeline Partners, L.P. ("El Paso Partners" or the "Company") (NYSE: EPB) in connection with the Company's $745 million transaction with El Paso Corporation, now known as El Paso L.L.C. ("Parent").

Click here to learn more: http://www.rigrodskylong.com/investigations/el-paso-pipeline-partners-l-p-epb.

Pursuant to the terms of the transaction, Parent and its affiliates sold to El Paso Partners (a) a 28% interest in Colorado Interstate Gas ("CIG"); and (b) a 15% interest in Southern Naural Gas Company ("SNG") (the combined sale of interests in CIG and SNG is referred to herein as the "Transaction"). The consideration paid to Parent was raised by El Paso Partners issuing an additional 14.7 million common limited partner units for $501 million and borrowing $244 million under the Company's revolving credit facility.


According to the complaint, the Transaction presented a clear conflict between the interests of the Company and its public unitholders, on one hand, and the interests of Parent and its 100% owned El Paso Pipeline GP Company, L.L.C. ("EPB GP" or "General Partner"), on the other. The Transaction presented two conflicts of interest: (1) between the Company and Parent, as the seller of their interests in CIG and SNG; and (2) between the Company and its General Partner, EPB GP, which, because of the increase in the number of incentive distribution rights that would result from the issuance of the 14.7 million additional common limited partner units to partially fund the Transaction, would benefit EPB GP disproportionately.

The complaint alleges that the director defendants' deliberate actions show that the General Partner did not act in good faith when it approved the Transaction.

If you own the common units of El Paso Partners and purchased your shares before June 29, 2011, and would like to learn more about these allegations, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, Delaware 19803, by telephone at (888) 969-4242, by e-mail to info@rl-legal.com, or at: http://www.rigrodskylong.com/investigations/el-paso-pipeline-partners-l-p-epb.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.


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