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Case Status:    ONGOING    
On or around 04/26/2018 (Ongoing date of last review)

Filing Date: April 25, 2018

According to the Complaint, this action arises from the merger in which Columbia Pipeline was acquired by TransCanada, which closed on July 1, 2016 (the “Merger”). Only one year earlier, on July 1, 2015, NiSource, Inc. (“NiSource”) separated Columbia Pipeline, a then-wholly-owned subsidiary, into a stand-alone publicly traded company (the “Spinoff”). Less than one year after the Spinoff, on March 17, 2016, Columbia Pipeline announced it had entered into an agreement and plan of merger to be acquired by TransCanada, pursuant to which Columbia Pipeline shareholders would receive $25.50 per share in cash (the “Merger Agreement”). The transaction was valued at $13 billion, including the assumption of Columbia Pipeline debt.

On May 17, 2016, the Company filed its definitive proxy statement with the SEC (the “Proxy”). The Complaint alleges that many of the representations made to Columbia Pipeline shareholders in the Proxy were false and misleading. Specifically, the Proxy failed to disclose that Columbia Pipeline and its executive officers: (1) conspired to engineer the Spinoff from NiSource, and ultimate sale of the Company to TransCanada, as part of a self-interested plan to cash in on lucrative change-in-control benefits; (2) concealed TransCanada’s prior expressions of interest to purchase the Pre-Spinoff Entities directly from NiSource; (3) excluded prospective buyers, other than TransCanada, from bidding on the Company, thereby preferencing TransCanada to the detriment of Columbia Pipeline shareholders; (4) negotiated standstill agreements, and waivers therefrom, with various prospective buyers to rush to consummate the Merger with TransCanada, thereby triggering the change-in-control benefits; and (5) did not negotiate to maximize the value of Columbia Pipeline shares in the Merger.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CPGX
Company Market: New York SE
Market Status: Public (Delisted)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 18-CV-03670
JUDGE: Hon. George B. Daniels
DATE FILED: 04/25/2018
CLASS PERIOD START: 03/17/2016
CLASS PERIOD END: 04/25/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky, LLP
    30 Broad Street, 15 1h Floor, Levi & Korsinsky, LLP, NY 10004
    212.363.7500 212.363-7171 ·
No Document Title Filing Date