Recent Securities Litigations
TGC Industries, Inc. (NASDAQ: TGE)
According to the Complaint, Tallgrass Energy, LP (TGE) is a limited partnership that owns, operates, acquires and develops midstream energy assets in North America. The Partnership operates and owns its operating assets through its direct and indirect subsidiaries. Tallgrass maintains three reportable business segments: Natural
Gas Transportation, Crude Oil Transportation, and Gathering, Processing & Terminalling.
On December 16, 2019, the Board caused the Partnership to enter into an agreement and plan of merger between TGE and affiliates of Blackstone Infrastructure Partners together with affiliates of Enagas, GIC, NPS and USS, pursuant to which the Partnership’s shareholders stand to receive $22.45 in cash for each Class A share representing a limited partner interest of TGE they own.
The Complaint alleges that on January 21, 2020, in order to convince TGE shareholders to vote in favor of the Proposed Transaction, the Board authorized the filing of a materially incomplete and misleading Form PREM14A Preliminary Proxy Statement with the Securities and Exchange Commission.