Andrews & Springer LLC Opens Investigation Into Oiltanking Partners, L.P. For Potential Securities Fraud Violations - OILT
Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating Oiltanking Partners L.P. (NYSE: OILT) (“Oiltanking” or the “Company”) for potential securities law violations.
On November 20, 2014, a shareholder of Oiltanking filed a breach of fiduciary duty law suit in the United States District Court, Southern District of Texas, Houston Division, against the Company relating to the recently announced sale of the Company to Enterprise Products Partners L.P. (“Enterprise”), Civil Action No. 4:14-cv-3343.
The Complaint alleges that on November 12, 2014, Oiltanking and Enterprise announced the signing of a definitive merger agreement pursuant to which Enterprise will acquire Oiltanking in a merger in a deal worth $1.4 billion.
As a result of the merger, Oiltanking unitholders are only anticipated to receive a fixed ratio of 1.3 common units of Enterprise in exchange for each unit of Oiltanking. The Complaint further alleges that the consideration that Oiltanking unitholders are expected to receive “fails to adequately compensate Oiltanking’s unitholders.” The Complaint also provides that analysts at Yahoo! Finance have set a $61.00 per unit price target for Oiltanking.
As a result of the foregoing news, Andrews & Springer has opened an investigation to determine whether executives at Oiltanking knowingly breached Company’s partnership agreement for failing to provide unitholders adequate consideration.
If you currently own units/shares of Oiltanking and want to receive additional information and protect your investments free of charge, please visit http://www.andrewsspringer.com/cases-investigations/OILT or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute.
