NEW YORK, May 7, 2019 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the District of Delaware, Case No. 1:19-cv-00693-CFC, on behalf of shareholders of SunCoke Energy Partners, L.P. ("SXCP" or the "Company") (NYSE:SXCP) who have been harmed by SunCoke's and its board of directors' (the "Board") alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the proposed merger of the Company with SunCoke Energy, Inc. ("SunCoke").
On February 5, 2019, the Board caused the Company to enter into an Agreement and Plan of Merger ("Proposed Transaction") under which SXCP unitholders will have the right to receive 1.40 shares of common stock of SunCoke for each SXCP unit they own plus a fraction of a share of SunCoke common stock equal to the product of the number of days, beginning with the first day of the most recent full calendar quarter with respect to which an SXCP unitholder distribution record date has not occurred and ending on the day immediately prior to the closing of the merger, multiplied by a daily distribution rate equal to the quotient of the most recent regular quarterly cash distribution paid by SXCP divided by 90, whose product is then divided by $10.91, the closing price of SunCoke common stock as of February 1, 2019 (the "Merger Consideration").
The complaint alleges that the Form S-4 Registration Statement filed with the Securities and Exchange Commission ("SEC") violates Sections 14(a) and 20(a) of the Exchange Act because it provides materially incomplete and misleading information about the Company and the Proposed Transaction, including information concerning the Company's financial projections and analysis, on which the Board relied to recommend the Proposed Transaction as fair to SXCP unitholders.
If you wish to obtain information concerning this action, you can do so by clicking here: www.faruqilaw.com/SXCP.
Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud. Faruqi & Faruqi, LLP, was founded in 1995 and the firm maintains its principal office in New York City, with offices in Delaware, California, Georgia, and Pennsylvania.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from the date of this notice. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Nadeem Faruqi, Esq.
James M. Wilson, Jr., Esq.
FARUQI & FARUQI, LLP
685 3rd Avenue, 26th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP