WeissLaw LLP Announces Class Action Lawsuit Against PetroLogistics LP -- PDH


NEW YORK, July 15, 2014 (GLOBE NEWSWIRE) -- WeissLaw LLP announces that it filed a class action lawsuit on June 20, 2014, in the U.S. District Court, Southern District of Texas (the "Court"), 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 sections 14(a) and 20(a) of the Securities and 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 as of May 8, 2014 (the "Class"). The named plaintiff is represented by WeissLaw LLP.

The named plaintiff alleges that (i) certain of the defendants breached, or aided and abetted the other defendants' breaches of, their fiduciary duties of loyalty and due care owed to PetroLogistics unitholders; and (ii) 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 the Exchange Act and their state law fiduciary duties of candor and full disclosure. 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 Joshua M. Rubin, Esq. of WeissLaw LLP at 888.593.4771, or by e-mail at stockinfo@weisslawllp.com. 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.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.


            

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