NEW YORK, April 2, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the Southern District of Texas alleging breaches of fiduciary duty and other violations of law by Eagle Rock Energy Partners, L.P. (Nasdaq:EROC) and its Board of Directors in connection with the Company's entry into an agreement to sell its midstream business to Regency Energy Partners LP (NYSE:RGP).
For more information, click here: http://zlk.9nl.com/eagle-rock-energy-eroc/.
The complaint alleges that Eagle Rock's Board of Directors failed to adequately shop the Company to obtain the best possible value for its unitholders. Under the terms of the agreement, Regency will exchange $550 million of Eagle Rock debt, in the form of outstanding senior unsecured notes, for an equivalent amount of Regency senior unsecured notes. Eagle Rock will also receive $200 million of newly-issued common units and approximately $520 million in cash.
If you suffered a loss in Eagle Rock you have until May 20, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/eagle-rock-energy-eroc/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.