Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of SemGroup Corporation (“SemGroup” or the “Company”) (NYSE: SEMG) for potential breaches of fiduciary duties in connection with their conduct related to the proposed sale of the Company to Plains All American Pipeline, L.P. (NYSE: PAA) in an all-cash deal valued at about $1.24 billion. Under the terms of the proposed transaction, SemGroup stockholders will receive $24.00 in cash for each share of SemGroup common stock they own. The Board of Directors rejected the acquirer’s proposal and refused to engage in constructive discussions. The Board also had rejected a March 2010 bid of $17.00 a share. SemGroup filed for bankruptcy protection in 2008 after $2.9 billion in trading losses.
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Whether SemGroup’s Board of Directors is acting in accordance with their fiduciary duties to SemGroup’s stockholders to conduct an adequate and fair sales process to sell the Company and whether SemGroup’s Board of Directors is adequately negotiating a price increase for the proposed transaction are the key focus of this investigation.
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If you own common stock in SemGroup and wish to obtain additional information, please visit us at
or contact Juan E. Monteverde, Esq. either via e-mail at
or by telephone at (877) 247-4292 or (212) 983-9330.
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