Rigrodsky & Long, P.A. Files Class Action Suit Against SemGroup Corporation

WILMINGTON, Del., Nov. 04, 2019 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:

Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders of SemGroup Corporation (“SemGroup”) (NYSE: SEMG) common stock in connection with the proposed acquisition of SemGroup by Energy Transfer LP (“Energy Transfer”) and Nautilus Merger Sub LLC (“Merger Sub”) announced on September 16, 2019 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against SemGroup, its Board of Directors (the “Board”), Energy Transfer, and Merger Sub, is captionedThompson v. SemGroup Corporation, Case No. 1:19-cv-01948 (D. Del.).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/contact-us/.

On September 15, 2019, SemGroup entered into an agreement and plan of merger (the “Merger Agreement”) with Energy Transfer and Merger Sub. Pursuant to the terms of the Merger Agreement, shareholders of SemGroup will receive $6.80 in cash and 0.7275 shares of Energy Transfer common stock per share (the “Proposed Transaction”).

Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Registration Statement omits material information with respect to, among other things, the Company’s and Energy Transfer’s financial projections and the analyses performed by SemGroup’s financial advisor. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of SemGroup common stock.

If you wish to serve as lead plaintiff, you must move the Court no later than January 3, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.

Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.

Attorney advertising. Prior results do not guarantee a similar outcome.

Rigrodsky & Long, P.A.

Seth D. Rigrodsky

Gina M. Serra

(888) 969-4242

(302) 295-5310

Fax: (302) 654-7530

info@rl-legal.com

http://www.rigrodskylong.com