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SemGroup Energy Partners, L.P., Securities Litigation


IMPORTANT UPDATE

On September 30, 2015, the Court issued the following Order:

Order Regarding Lead Plaintiff’s Motion to Deposit Current and Future Proceeds from the SemGroup Class’s Claim in the Lehman SIPA Proceeding into the Settlement Fund and for Attorneys’ Fees and Expenses Related Thereto


 

This website provides a summary of information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”).  The content on this website incorporates, by reference, the definitions in the Stipulation of Settlement dated May 3, 2011 (“Stipulation”), and all capitalized terms used, but not defined herein, shall have the same meanings as in the Stipulation. Since this is just a summary, you should read the full Notice for additional details. The Notice and Stipulation are available for download on the left hand side of this page.

 

THE SETTLEMENT BENEFITS

 

Defendants have agreed to create a Settlement Fund consisting of (i) $22,800,000 in cash and (ii) the number of Blueknight Energy Partners, L.P. common units that equals $5,200,000 as described above. The balance of the Settlement Fund (including any accrued interest), after payment of Court‐approved attorneys’ fees and expenses, Court‐approved reimbursement to the Lead Plaintiff, the costs of claims administration and taxes, if any (the “Net Settlement Fund”), will be divided among Class Members who submit timely and valid claim forms (“Authorized Claimants”) pursuant to a Court‐approved Plan of Allocation.


THE COURT’S SETTLEMENT FAIRNESS HEARING

The Court will hold a fairness hearing at 9:30 a.m., on October 5, 2011, at the United States District Court for the Northern District of Oklahoma, United States Courthouse, 333 West Fourth Street Tulsa, OK 74103.  At this hearing, the Court will consider whether the Settlement and the Plan of Allocation are fair, reasonable, and adequate and whether the issuance, deposition, distribution, and sale of any Settlement Units is subject to exemption from registration under Section 3(a)(10) of the Securities Act of 1933, as amended. If there are objections, the Court will consider them. The Court will listen to people who have requested in writing by September 14, 2011 to speak at the hearing. The Court may also consider Lead Counsel’s application for attorneys’ fees and reimbursement of expenses and the request for reimbursement of costs and expenses to Lead Plaintiff.

 IF YOU ARE A CLASS MEMBER YOU HAVE THE FOLLOWING OPTIONS

DO NOTHING

If you do nothing, you will receive no money from this Settlement. But, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Defendants or the Released Persons about the same claims being released in this Settlement.

 SUBMIT A PROOF OF CLAIM FORM

To qualify for payment, you must be an eligible Class Member and you must submit a Proof of Claim. A Proof of Claim was enclosed with the Notice and is available on this website. Read the instructions carefully, fill out the form, include all of the documents the form requests, sign it, and mail it in an envelope addressed to the Claims Administrator, postmarked not later than October 15, 2011. Please retain a copy of everything you mail, in case the materials are lost or destroyed during shipping.

 EXCLUDE YOURSELF FROM THE CLASS

Unless you exclude yourself, you give up any right to sue the Defendants or the Released Persons for the claims being released by this Settlement.

To exclude yourself from the Class, you must send a letter by mail stating that you want to be excluded from the Class in the In re SemGroup Energy Partners, L.P., Securities Litigation, Case No. 08-MD-1989-GKF-FHM.

 You must include:

  • Your name, address, telephone number and your signature
  • Information concerning your purchase(s) of SGLP common units during the Class Period, including the number of SGLP common units purchased and/or sold and the dates of each purchase and sale.

You must mail your exclusion request so that it is received no later than September 14, 2011 to:

SemGroup Energy Partners Securities Litigation
c/o Rust Consulting, Inc.
Claims Administrator
P. O. Box 2466
Faribault, MN 55021-9166

*Please keep a copy of everything you send by mail, in case it is lost or destroyed during shipping.

OBJECT TO THE SETTLEMENT

If you are a Class Member, you can object to the Settlement if you do not like any part of it. To object, you must send a letter saying that you object to the Settlement in the In re SemGroup Energy Partners, L.P., Securities Litigation, Case No. 08-MD-1989-GKF-FHM and the reasons why you object to the Settlement.

 Be sure to include:  

  • Your name, address, telephone number and your signature.
  • You must also include information concerning your purchase(s) of SGLP common units during the Class Period and your sale(s) of such SGLP common units, including the number of SGLP common units purchased and/or sold and the dates of each purchase and sale 

 Any objection to the Settlement must be received by each of the following by September 14, 2011:

COURT


Clerk of the Court
United States District Court Northern District of Oklahoma
U.S. Courthouse            
333 West Fourth Street  
Room 411            
Tulsa, OK 74103

LEAD COUNSEL


Ramzi Abadou, Esq.

KESSLER TOPAZ MELTZER & CHECK, LLP
580 California Street            
Suite 1750            
San Francisco, CA 94104

DESIGNATED DEFENDANTS’ COUNSEL           

Michael W. Youtt, Esq.
KING & SPALDING LLP
100 Louisiana Street            
Suite 4000            
Houston, TX 77002‐5214

 
OBTAINING MORE INFORMATION

 Additional information regarding the Settlement, the Notice and how to file your claim may be obtained by contacting the Claims Administrator at (888) 356-0250. 

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