Robbins Umeda LLP Announces an Investigation of Sunoco, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Sunoco, Inc. (NYSE: SUN) in connection with their efforts to sell the company to Energy Transfer Partners, L.P. (NYSE: ETP). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
On April 30, 2012, Sunoco announced that it had entered into a definitive merger agreement to be acquired by Energy Transfer Partners. According to the terms of the deal, Energy Transfer Partners will acquire all outstanding shares of the company in a cash and unit transaction. Pursuant to the agreement, Sunoco shareholders will receive $25.00 in cash and 0.5245 of an Energy Transfer Partners common unit for each share of the company they own. The transaction is expected to close in the third or fourth quarter of 2012.
Robbins Umeda LLP’s investigation focuses on whether Sunoco’s board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company’s recent financial results. Specifically, on February 15, 2012, Sunoco reported operating results for the fourth quarter of 2011 that exceeded analyst expectations. The company reported revenue of $12.7 billion for the quarter, a 28.2% increase over the $9.9 billion in revenue reported during the same quarter in the previous year and well above consensus estimates of only $8.4 billion.
Furthermore, at least one leading market analyst has released a target price for Sunoco that values the company’s stock at $51.00 per share, higher than the value currently being offered by Energy Transfer Partners as a part of the proposed transaction. Given this target price and the company’s impressive financial results, Robbins Umeda LLP is examining the board’s decision to sell Sunoco rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects.
Robbins Umeda attorneys highlight that Sunoco shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company’s shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.