This lawsuit is for anyone who sold securities in CVR Refining, LP from July 30, 2018 through January 28, 2019.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company intentionally deflated the market price of its own shares so that its controlling shareholder could exercise its option to purchase the shares it did not already own at the deflated price, to the detriment of minority shareholders.
On July 30, 2018, CVRR announced that the General Partner, CVI, and its affiliates owned enough outstanding shares to exercise a buyout provision in CVRR’s partnership agreement allowing CVI to purchase the rest of the outstanding shares from the minority shareholders on a specified date, lowering the share price of the Company's stock. On November 29, 2018 the Company announced that 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.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in CVR Refining, LP from July 30, 2018 through January 28, 2019 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.