NEW YORK, NY / ACCESSWIRE / May 26, 2020 / Levi & Korsinsky reminds former investors in CVR Refining, LP ("CVRR") of a class action lawsuit filed on behalf of all former owners of CVRR common units who sold their units during the period from July 30, 2018 through January 28, 2019, both dates inclusive.
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According to the filed complaint, 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. (CVI) ("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 suffered a loss in CVRR you have until June 5, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171
SOURCE: Levi & Korsinsky, LLP
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