According to the Complaint, Southcross is a limited partnership organized and existing under the laws of the State of Delaware. Southcross sources, purchases, gathers, processes, treats, compresses and transports natural gas.
Plaintiff brings this class action on behalf of the public unitholders of Southcross Energy Partners, L.P. (“Southcross” or the “Company”) against Southcross Energy Partners GP, LLC’s Board of Directors (the “Board” or the “Individual Defendants”), which manages the Company, and the Board of Directors of Southcross Holdings GP LLC (the “Holdings Board”) for their violations of Section 14(a) and 20(a) of the Securities Exchange Act of 1934, 15.U.S.C. §§ 78n(a), 78t(a), and SEC Rule 14a-9, 17 C.F.R. 240.14a-9, arising out of the Board’s attempt to sell the Company to American Midstream Partners, LP through its wholly-owned subsidiary Cherokee Merger Sub LLC (collectively “AMID”).
The Complaint alleges that Defendants have violated the above-referenced Sections of the Exchange Act by
causing a materially incomplete and misleading preliminary registration statement (the “Registration Statement”) to be filed with the Securities and Exchange Commission (“SEC”) on January 11, 2018.