NEW YORK, July 25, 2008 (LAWFUEL) — The Brualdi Law Firm, P.C.
announces that a lawsuit has been commenced in the United States
District Court for the Southern District of New York on behalf of
purchasers of SemGroup Energy Partners, L.P. (“SemGroup” or “the
Company”) (Nasdaq:SGLP) common units during the period between February
20, 2008 through July 17, 2008 (the “Class Period”) for violation of
the federal securities laws.
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased SemGroup common units during the period described above,
you have certain rights, and have until no later than September 19,
2008 in which to move for Lead Plaintiff status. Any member of the
purported 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.
To be a member of the class you need not take any action at this time,
and you may retain counsel of your choice. If you wish to discuss this
action or have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Sue Lee at The
Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York
10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by
email to slee@brualdilawfirm.com or visit our website at
http://www.brualdilawfirm.com/
Plaintiff alleges in the action that the Prospectus for the secondary
offering misrepresented the financial strength of SemGroup’s Parent
(SemGroup, L.P.) and failed to disclose that the Parent had engaged in
risky hedging strategies that presented a material risk of default and
bankruptcy. Inasmuch as SemGroup’s business operations were heavily
dependent on its Parent, the true facts concerning the Parent’s
financial condition were material to a reasonable investor’s decision
to purchase units on the secondary offering. Those true facts were
first disclosed to investors on Thursday, July 17, 2008, when it was
revealed that because of its hedging strategies the Parent was at risk
of filing for bankruptcy. The Parent and affiliated companies
subsequently filed for bankruptcy on Monday, July 21, 2008. As a result
of the July 17, 2008 disclosures and subsequent bankruptcy filing,
SemGroup’s units, which closed on Wednesday, July 16, 2008 at $22.80
per unit, plummeted to close on Wednesday, July 23, 2008 at $8.00 per
unit. Documents filed on behalf of the Parent in Bankruptcy Court
revealed that SemGroup began experiencing financial distress in 2007
and early 2008, prior to the secondary offering.
