The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of former owners of CVR Refining, LP who sold their units during the period from July 30, 2018 through January 28, 2019, both dates inclusive.
The filed complaint alleges that throughout the Class Period, Defendants executed a fraudulent scheme to artificially depress the price of publicly traded CVRR units in order to acquire them for a substantial discount, thereby enriching themselves at the expense of CVRR public unit holders:
(a) First, CVR Energy, Inc. (NYSE: CVI) guaranteed an offer to exchange its common stock for most – but not all – of CVRR’s outstanding common units. Following the acquisition of 84.5% the units, the price of the units began depressing because of the reduced public float and the threat of the remaining CVRR’s units being acquired, which more than offset CVRR’s favorable financial results.
(b) Second, as the price for CVRR units stagnated, and more than 90 days had passed since expiration of the CVI exchange offer, Defendants announced that they were “considering” exercising the right to acquire the remaining CVRR units, further causing the units to decline.
(c) Finally, once the price of CVRR units had substantially declined, Defendants seized upon the opportunity to acquire the rest of the units, enjoying a purchase price based on the (manipulated) 20-day trading average of CVRR units.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from the sale of the respective securities during the class period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Former shareholders have until June 5, 2020 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.