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SemGroup Energy Partners, L.P. Summary: On August 26, 2008, a notice of voluntary dismissal without prejudice was filed and the case is closed.
According to a law firm press release, the class action filed against the company alleges that the Prospectus for the secondary offering misrepresented the financial strength of SemGroup's Parent (SemGroup, L.P.) and failed to disclose that the Parent had engaged in risky hedging strategies that presented a material risk of default and bankruptcy. Inasmuch as SemGroup's business operations were heavily dependent on its Parent, the true facts concerning the Parent's financial condition were material to a reasonable investor's decision to purchase units on the secondary offering. Those true facts were first disclosed to investors on Thursday, July 17, 2008, when it was revealed that because of its hedging strategies the Parent was at risk of filing for bankruptcy. The Parent and affiliated companies subsequently filed for bankruptcy on Monday, July 21, 2008. As a result of the July 17, 2008 disclosures and subsequent bankruptcy filing, SemGroup's units, which closed on Wednesday, July 16, 2008 at $22.80 per unit, plummeted to close on Wednesday, July 23, 2008 at $8.00 per unit. Documents filed on behalf of the Parent in Bankruptcy Court revealed that SemGroup began experiencing financial distress in 2007 and early 2008, prior to the secondary offering. The Prospectus failed to disclose that the Parent was suffering from liquidity problems, or that it was engaged in highly risky crude oil hedge transactions that affected its ability to continue as a going concern.
INDUSTRY CLASSIFICATION:
SIC Code: 4160
Sector: Basic Materials
Industry: Non-Metallic Mining
| COMPANY/ISSUER NAME: | SemGroup Energy Partners, L.P. |
| COMPANY/ISSUER TICKER: | SGLP |
| COMPANY WEBSITE: | http://www.sglp.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Poelman, et al. v. Semgroup Energy Partners, L.P., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint For Violations Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 7/21/2008 | ||
| Notice Of Dismissal Pursuant To Federal Rule 41 (A) | |||
| Type: Notice | Date on the document: 8/26/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 8/26/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Carson et al v. SemGroup Energy Partners, L.P. et al | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Transfer Order | |||
| Type: Notice | Date on the document: 10/10/2008 | ||
| U.S. Court of Appeals Docket | |||
| Type: Docket | Date on the document: 10/17/2008 | ||
| Corrected Consolidated Securities Class Action Complaint for Violations of the Federal Securities Laws | |||
| Type: Complaint | Date on the document: 07/16/2009 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint For Violation Of Federal Securities Laws | |||
| Case Name and/or Number: Carson et al v. SemGroup Energy Partners, L.P. et al | |||
| Type: Complaint | Date on the document: 7/22/2008 | ||
| Notice Of Motion And Motion For Appointment Of Michael Rubin As Lead Plaintiff And Approval Of His Selection Of Lead Counsel | |||
| Case Name and/or Number: Carson et al v. SemGroup Energy Partners, L.P. et al | |||
| Type: Notice | Date on the document: 9/19/2008 | ||
| U.S. District Court Civil Docket | |||
| Case Name and/or Number: Carson et al v. SemGroup Energy Partners, L.P. et al | |||
| Type: Docket | Date on the document: 10/20/2008 | ||
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