A second California law firm is challenging Tulsa-based Williams Partners, L.P. over investors who purchased or publicly traded securities of the company last year as the company considered its ongoing merger with Williams Companies, Inc. The San Francisco-based firm of Lieff Cabraser Heimann and Bernstein, LLP announced it brought the class action litigation for those investors who made purchases or traded shares between May 13, 2015 and June 19, 2015. the suit contends that before after Williams Companies, Inc. announced the proposed merger with WPZ, it had and continued to have ongoing discussions to be acquired by the Dallas-based company, Energy Transfer Equity. The suit claims that Williams Companies failed to disclose the discussions, thereby misrepresenting the company status to the buyers of the Williams Partners, L.P. securities.
It charges that Williams Cos. knew that Energy Transfer was not interested in acquiring the common units of Williams Partners. In late June, Energy Transfer went public that it had offered to buy Williams Cos. at $64 a common share but only on the condition that Williams Cos. cancel its merger agreement with Williams Partners. Shares in Williams Partners dropped 7.6 percent while the price of Williams Cos. shares rose 2 percent.
Just last week, the Goldberg Law PC announced it was investigating the same claims and might file a class-action suit as well. The firm said the May 13th announcement that Williams Cos. would purchase all publicly held Williams Partners common units was made without disclosing that Williams Cos. was in talks with Energy transfer Equity for a merger.
