Swank Energy Income Advisers LP : Cushing MLP Total Return Fund

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Swank Energy Income Advisers LP : Cushing MLP Total Return Fund Summary: According to a press release dated February 10, 2009, the Complaint alleges that throughout the Class Period, Defendants grossly and falsely overstated Fund's net asset value ("NAV") by including the full value of a $49.1 million deferred tax asset in the Fund's stated NAV, without establishing an appropriate valuation reserve against the risk that the Fund could or would never utilize or recognize the deferred tax asset.

The Complaint further alleges that during the Class Period, Defendants also concealed the fact that the deferred tax asset was the Fund's largest asset and accounted for more than one-half of the Fund's stated NAV.

On December 19, 2008, Defendants caused the Fund to announce that it had established a $49.1 million valuation reserve against the deferred tax asset, essentially reducing the value of the deferred tax asset to zero and reducing the Fund's stated NAV by $49.1 million.

When Defendants caused the Fund to write down the deferred tax asset to zero on December 19, 2008, and reduced the Fund's stated NAV accordingly, the market price at which the Fund's shares traded plummeted by nearly 50 percent, dropping from $7.40 immediately before the announcement to just $3.81 after it, causing Fund shareholders to lose tens of millions of dollars.

In ignorance of the false and misleading nature of the statements described in the complaint, and the deceptive and manipulative devices and contrivances employed by said defendants, plaintiff and the other members of the Class relied, to their detriment, on the integrity of the market price of the Fund's shares. Had plaintiff and the other members of the Class known the truth, they would not have purchased said shares, or would not have purchased them at the inflated prices that were paid.

On April 20, 2009, the Court appointed the lead plaintiff and approved the selection of co-lead counsel. On June 04, 2009, a First Amended Class Action Complaint was filed by the plaintiffs in the action. On January 06, 2010, in response to their previously filed motion, the US district court judge refused to dismiss a class action securities fraud claim against the defendants.

According to a press release dated July 22, 2010, a hearing will be held on September 13, 2010, at 9:30 a.m. at the United States District Court for the Northern District of Texas (the “Federal Court”), Courtroom 1627, United States Courthouse, Dallas Division, 1100 Commerce Street, Dallas, Texas 75242, in connection with the proposed settlement (the “Settlement”) of the class action captioned Terri Morse Bachow v. Swank Energy Income Advisers, LP, et al., C.A. No. 3:09-CV-0262-K. The Court will determine whether to approve the Settlement of the class action before it as fair, reasonable, and adequate.

On September 13, 2010, an Order and Final Judgment was issued by the Court in accordance with the terms and conditions of the Stipulation and Agreement of Settlement dated May 17, 2010.

On March 29, 2011, an Order on the Unopposed Motion to Approve Payment of Net Settlement Fund to Authorized Claimants was granted by the Court.

INDUSTRY CLASSIFICATION:
SIC Code:
Sector: Financial
Industry: Misc. Financial Services

COMPANY/ISSUER NAME:	Swank Energy Income Advisers LP
COMPANY/ISSUER TICKER:	SRV
COMPANY WEBSITE:	http://www.swankcapital.com/

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Terri Morse Bachow, et al. v. Swank Energy Income Advisers LP, et al.

COURT: N.D. Texas	DOCKET NUMBER: 09-CV-00262
JUDGE NAME: Hon. Ed Kinkeade
DATE FILED: 02/10/2009	SOURCE:
CLASS PERIOD START: 09/01/2008	CLASS PERIOD END: 12/19/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Shabel & Denittis, P.C. (New Jersey) 5 Greentree Centre, Suite 302, Marlton, NJ, 08053 (voice) 856.797.9951, (fax) 856.797.9951, Stanley, Mandel & Iola LLP (Dallas) 3100 Monticello Avenue, Suite 750 , Dallas, TX, 75205 (voice) 214.443.4300, (fax) , Wolf Haldenstein Adler Freeman & Herz LLP (New York) 270 Madison Avenue, New York, NY, 10016 (voice) 212.545.4600, (fax) 212.686.0114, newyork@whafh.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint
Type: Complaint		Date on the document: 02/10/2009
Order Appointing Lead Plaintiff, And Approving Lead Plaintiff’s Selection Of Lead Counsel
Type: Order Appointing LP/LC		Date on the document: 04/20/2009

REFERENCE COMPLAINT

Terri Morse Bachow, et al. v. Swank Energy Income Advisers LP, et al.

COURT: N.D. Texas	DOCKET NUMBER: 09-CV-00262
JUDGE NAME:
DATE FILED: 06/04/2009	SOURCE:
CLASS PERIOD START: 09/01/2008	CLASS PERIOD END: 12/19/2008
TYPE OF COMPLAINT: First Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Stanley, Mandel & Iola LLP (Dallas) 3100 Monticello Avenue, Suite 750 , Dallas, TX, 75205 (voice) 214.443.4300, (fax) , Wolf Haldenstein Adler Freeman & Herz LLP (New York) 270 Madison Avenue, New York, NY, 10016 (voice) 212.545.4600, (fax) 212.686.0114, newyork@whafh.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
First Amended Class Action Complaint
Type: Complaint		Date on the document: 06/04/2009
Memorandum Opinion And Order
Type: Order		Date on the document: 01/06/2010
Stipulation and Agreement of Settlement
Type: Settlement		Date on the document: 05/17/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 06/28/2010
Notice Of Pendency Of Class Action And Proposed Settlement, Motion For Attorneys’ Fees And Settlement Fairness Hearing
Type: Notice		Date on the document: 07/12/2010
Proof of Claim and Release
Type: Other		Date on the document: 07/12/2010
Order And Final Judgment
Type: Order		Date on the document: 09/13/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 10/21/2010
Agreed Order Regarding Distribution Of The Settlement Fund
Type: Order		Date on the document: 03/29/2011
U.S. District Court Civil Docket
Type: Docket		Date on the document: 01/06/2012

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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