According to a law firm press release, Plaintiff seeks to recover damages on behalf of all Crestwood Midstream Partners LP unitholders due to false and misleading information contained in a proxy statement disseminated by Crestwood and its Board, all in connection with Crestwood's attempt to consummate its proposed acquisition by Inergy under an unfair process and for an unfair price.
On May 6, 2013, Crestwood and Inergy announced they had entered into a definitive agreement, whereby Inergy would acquire all of Crestwood's outstanding units. On May 29, 2013, Crestwood filed a Registration Statement with the SEC on Form S-4 ("S-4"), and disseminated this S-4 to unitholders in advance of the vote to approve the acquisition.
The Complaint alleges that the S-4 omitted a number of material facts necessary to make the statements made in the S-4 not false and misleading, which included events leading up to the definitive agreement entered into by the two companies, the analysis conducted by the financial advisors for Crestwood's Board, and the conflicts of interest burdening the various parties to the deal.
On July 24, 2013, this case was consolidated into lead case 4:13-cv-1528.
On December 19, 2013, the parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved on January 14, 2014. The Settlement was granted final approval and this case was dismissed on May 16, 2014.