|[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)--
& 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
The complaint alleges that the director defendants' deliberate actions
show that the General Partner did not act in good faith when it approved
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 email@example.com,
or at: http://www.rigrodskylong.com/investigations/el-paso-pipeline-partners-l-p-epb.
& 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.
[ Back To TMCnet.com's Homepage ]