|Company:||SemGroup Energy Partners|
|Class Period:||Feb-20-08 to Jul-17-08|
|Lead Plaintiff Deadline:||Sep-19-08|
|Court:||Southern District of New York|
In the period following the Offering, SGLP units traded in the $24-27 range reflecting that, as far as the investing public was aware, the Company was operating according to its business plan. However, by July 11, 2008, SGLP unit values began to decline on increased trading volume, despite the release of no adverse news. Then on July 17, 2007 SGLP unit prices declined 50% to $11.00 on greatly increased volume of 5.7 million units, as a result of leakage of material adverse news which had been withheld by defendants. As a result of the widespread leakage, the defendants were finally forced to issue a statement after the market closed on July 17, 2008 revealing that the Parent was experiencing liquidity issues and was exploring various alternatives, including raising additional equity, debt capital or the filing of a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code.
This news, which was completely unexpected, shocked the market. As a result the price of the Company's units have continued to decline, wiping out almost $300 million in unitholder value.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.