SAN DIEGO, March 18, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP announce that the firm commenced a class action lawsuit with Robbins Geller Rudman & Dowd LLP on February 28, 2013, in the U.S. District Court, Southern District of Texas, Houston Division, on behalf of the unitholders of Copano Energy, L.L.C. ("Copano") (NASDAQ: CPNO) against Copano and its board of directors for, among other things, violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 (the "Exchange Act") in connection with the proposed acquisition of Copano by Kinder Morgan Energy Partners, L.P. ("Kinder Morgan").
The complaint arises out of a January 29, 2013 press release announcing that Copano had entered into a definitive merger agreement with Kinder Morgan, pursuant to which Copano unitholders would receive .4563 Kinder Morgan units for each unit of Copano they own (the "Proposed Transaction").
The complaint alleges that certain of the defendants, in connection with the Proposed Transaction, breached or aided and abetted the other defendants' breaches of their fiduciary duties of loyalty and due care owed to Copano unitholders. The complaint further alleges that, in an attempt to secure unitholder approval of the Proposed Transaction, the defendants filed a materially false and misleading Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission in violation of sections 14(a) and 20(a) of the Exchange Act. The omitted and/or misrepresented information is believed to be material to Copano unitholders' ability to make an informed decision whether or not to approve the Proposed Transaction.
The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated unitholders of Copano as of January 29, 2013 (the "Class"). The plaintiff is represented by Robbins Arroyo LLP.
If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from March 18, 2013. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact attorney Darnell R. Donahue of Robbins Arroyo LLP at 800-350-6003, via the shareholder information form on our website, or by e-mail at firstname.lastname@example.org. 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.
Robbins Arroyo LLP, a nationally recognized leader in the area of shareholder rights litigation, represents individual and institutional investors in securities class action lawsuits and shareholder derivative actions. Robbins Arroyo LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Past results do not guarantee similar outcomes. For more information about the firm, please go to http://www.robbinsarroyo.com.
Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/copano-energy/
SOURCE Robbins Arroyo LLP