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Case ID: 5146 | Stocks | 07/31/2008
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.
Register your Semgroup Energy Partners Lp ComplaintIf you or someone you know has been affected by this case, you may qualify for a money settlement as the result of your financial/economic or other damages that may be awarded either prior to a lawsuit or after the initiation of a lawsuit either currently in progress or filed just for you, possibly a class action lawsuit. Please simply register your complaint by clicking here for Semgroup Energy Partners Lp, or click the red "submit" button on this page, and a lawyer will review your Semgroup Energy Partners Lp complaint. By submitting your complaint, you are asking lawyers to contact you. You are under no obligation to accept their services and you are free to choose which lawyer you want to work with. Lawyers are usually paid out of the proceeds of the settlement or verdict rendered - the lawyers work on "contingency" by fronting the costs of your lawsuit based on their belief that they will recover a settlement for you. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest The parties have reached a tentative settlement, valued at at least $1.6 million, of a class action filed against Frontier Insurance Group, Inc. (Pink Sheets: FTER, formerly OTCBB: FTER and certain of its officers and directors by stockholders who purchased the company's common stock between February 10 and November 8, 1994. A class action has been filed against online trader Ameritrade, as well as the American Stock Exchange and certain Amex specialist firms on behalf of investors who sought to execute direct access limit orders to buy or sell options listed at the American Stock Exchange by certain specialist firms and who were wrongfully refused executions and suffered damages between April 2, 2001 and December 3, 2004 inclusive (the "Class Period"). Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of TOP Tankers, Inc. ("TOP" or the "Company") (NASDAQ: TOPT) between June 28, 2005 and November 28, 2006 (the "Class Period"). According to a law firm press release, a complaint filed June 11, 2008 alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, defendants downplayed and concealed IndyMac's growing exposure to non-performing assets, particularly loans in its pay-option adjustable-rate mortgage ("Option ARM") and homebuilder construction portfolios, and made numerous positive representations regarding the Company's capital position to alleviate investors' fears concerning the Company's capital erosion. As a result of defendants' false statements, IndyMac stock traded at artificially inflated prices during the Class Period, reaching a Class Period high of $24.55 per share in October 2007.
A class action has been filed against Northwest Airlines Corporation (NWACQ.PK), certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2005 and September 14, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against First BanCorp (FBP), certain of its officers and directors by stockholders who purchased the company's common stock between October 20, 2003 and August 25, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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