NEW YORK, July 16, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that it filed a class action lawsuit on June 25, 2014, in the U.S. District Court, Southern District of Texas, Houston Division (the "Court"), and docketed under 4:14-cv-01786, on behalf of the unitholders of PetroLogistics LP ("PetroLogistics") (NYSE:PDH) against PetroLogistics, its Board of Directors, its general partner (PetroLogistics GP LLC), Propylene Holdings LLC, Flint Hills Resources, LLC ("Flint Hill"), and FHR Propylene, LLC for, among other things, violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the proposed acquisition of PetroLogistics by Flint Hill.
The complaint arises out of a May 8, 2014 press release in which PetroLogistics and Flint Hills, a subsidiary of Koch Industries, Inc., jointly announced that they entered into a definitive merger agreement pursuant to which Flint Hills will pay PetroLogistics' public unitholders $14.00 in cash for each common unit they own (the "Proposed Transaction"). The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated unitholders of PetroLogistics (the "Class"). The named plaintiff is represented by Pomerantz LLP.
The named plaintiff alleges (i) on his behalf and on behalf of all those similarly situated, that certain of the defendants breached, or aided and abetted the other defendants' breaches of, their fiduciary duties of loyalty, due care and candor owed to PetroLogistics unitholders; and (ii) on his behalf, that in an attempt to secure unitholder approval of the Proposed Transaction, the defendants filed a materially false and misleading preliminary proxy statement on Schedule 14A with the SEC in violation of § 14(a) of the Exchange Act and SEC Rule 14a-9 promulgated thereunder. The omitted and/or misrepresented information is believed to be material to PetroLogistics unitholders' ability to make an informed decision whether to approve the Proposed Transaction.
If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from July 15, 2014. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. Any member of the Class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent Class member.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz LLP email@example.comSource:Pomerantz LLP