LOS ANGELES–(BUSINESS WIRE)–$CVRR #fraud—Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of CVR Refining, LP (“CVRR” or the Company”) (NYSE: CVRR) investors concerning the Company and its officers’ possible violations of the federal securities laws.
If you suffered a loss on your CVRR investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email email@example.com or visit our website at www.glancylaw.com to learn more about your rights.
On July 30, 2018, CVRR announced that the General Partner, CVI, and other affiliates now owned 84.5 percent of the outstanding CVRR common units, and could exercise the buyout provision in CVRR’s partnership agreement (the “Call Right”). Under the Call Right, the General Partner had the right to acquire all remaining CVRR units for a specified price. On August 1, 2018, the Company stated that there were “no current plans to exercise the call right.”
On October 24, 2018, CVRR released its third quarter 2018 financial results, a significant increase over the prior year results.
On November 29, 2018 it was now “considering” exercising the Call Right, and that neither it, nor any of its affiliates, had purchased CVRR units in the 90-day period predating the announcement, further driving down the CVRR unit price. Then, on January 17, 2019, CVRR issued a press release announcing the General Partner had assigned the Call Right to CVI, and that CVI would exercise the Call Right on January 29, 2019, “for a cash purchase price of $10.50 per Common Unit,” which price was based on the 20-day trading average of CVRR units ending on January 14, 2019.
Whistleblower Notice: Persons with non-public information regarding CVRR should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email firstname.lastname@example.org.
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