Click to view Levi & Korsinsky, LLP's complaint
Levi & Korsinsky announces it filed a complaint in the United States District Court for the Southern District of New York on behalf of former Columbia Pipeline Group, Inc. (NYSE: CPGX) shareholders who owned shares on May 18, 2016.
The complaint alleges that Columbia Pipeline failed to disclose material information in its Proxy statement related to the then-proposed merger of Columbia Pipeline with TransCanada. In particular, it is alleged that the Proxy failed to disclose that Columbia Pipeline and its executive officers: (1) conspired to engineer the Spinoff from NiSource, and ultimate sale of the Company to TransCanada, as part of a plan to cash in on change-in-control benefits; (2) concealed TransCanada’s prior expressions of interest to purchase the Pre-Spinoff Entities directly from NiSource; (3) excluded prospective buyers from bidding, thereby preferencing TransCanada to the detriment of Columbia Pipeline shareholders; (4) negotiated standstill agreements, and waivers therefrom, with various prospective buyers to rush to consummate the Merger with TransCanada, thereby triggering the change-in-control benefits; and (5) did not negotiate to maximize the value of Columbia Pipeline shares in the Merger.
If you wish to serve as lead plaintiff, you must move the Court no later than June 29, 2018. Any member of the putative 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.