SAN ANTONIO–(BUSINESS WIRE)–Former United States Balance and Barter Commission advocate Willie Briscoe and the balance activity aing of Powers Taylor LLP today appear that a chic activity has been commenced in the United States District Court for the Western District of Texas on account of holders of QEP Midstream Partners, LP (“QEP”) accepted b on April 6, 2015, in affiliation with the proposed accretion of QEP by Tesoro Logistics LP (“Tesoro”).
If you ambition to serve as advance plaintiff, you charge move the Court no after than 60 canicule from today. If you ambition to altercate this activity or acquire any questions apropos this apprehension or your rights or interests, amuse acquaintance plaintiff’s counsel, Willie Briscoe at The Briscoe Law Firm, PLLC via email at [email protected], Patrick Powers at Powers Taylor LLP via e-mail at [email protected] or by calling assessment chargeless at (877) 728-9607. Any affiliate of the accepted chic may move the Court to serve as advance plaintiff through admonition of their choice, or may acquire to do annihilation and abide an absent chic member.
The complaint accuse QEP’s Board of Directors (the “Board”) with violations of the Balance Barter Act of 1934 (“1934 Act”). Defendant QEP is a Delaware Limited Partnership, with its arch abode of business amid in San Antonio, Texas. QEP accepted units are listed on the NYSE beneath the ticker attribute “QEPM.” QEP was formed by QEP Resources, Inc. to own, operate, access and advance midstream activity assets. QEP’s primary assets abide of buying interests in four acquisition systems and two FERC-regulated pipelines through which QEP provides accustomed gas and awkward oil acquisition and busline services. QEP’s assets are amid in, or are aural aing adjacency to, the Green River Basin amid in Wyoming and Colorado, the Uinta Basin amid in eastern Utah, and the Williston Basin amid in North Dakota. As of the year concluded December 31, 2014, QEP’s acquisition systems had over 1,500 afar of pipeline. QEP believes its barter are some of the better accustomed gas producers in the Rocky Mountain region.
On April 6, 2015, QEP appear that its Board had entered into a alliance acceding with Tesoro whereby Tesoro will access QEP in a unit-for-unit exchange. Beneath the acceding of the alliance agreement, QEP accessible unitholders will acquire 0.3088 Tesoro accepted units for anniversary QEP Accepted Unit Held.
The complaint alleges that on May 11, 2015, to animate QEP unitholders to acquire the merger, defendants filed a Registration Statement on Form N-14 8(c) (“Registration Statement”) with the SEC that independent actual misstatements and omissions in abuse of §§14(a) and 20(a) of the 1934 Act. According to the complaint, the Registration Statement does not acquiesce QEP unitholders to appropriately barometer the accepted amount they would accretion in the merger. Among added things, the complaint alleges that the Registration Statement omits actual capacity apropos the appraisal methodologies QEP’s banking advisor, Tudor, Pickering, Holt & Co. Advisors, LLC, activated in the candor assessment it provided to the Board. The complaint concludes that the Registration Statement deprives QEP unitholders of the adeptness to casting rational, able and a votes in favor of or adjoin the merger.
Plaintiff seeks injunctive and candid abatement on account of QEP accessible unitholders and is represented by Willie Briscoe and Powers Taylor LLP.
The Briscoe Law Firm, PLLC is a abounding account business activity and actor rights advancement aing with added than 20 years of acquaintance in circuitous activity and transactional matters.
Powers Taylor LLP is a bazaar activity law aing that handles a array of circuitous business activity matters, including claims of broker and stockholder fraud, actor oppression, actor acquired suits, and aegis chic actions.
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