The lawsuit arises out of a January 29, 2013 press release announcing that Copano had entered into a definitive merger agreement with Kinder Morgan, pursuant to which Copano unitholders would receive .4563 Kinder Morgan units for each unit of Copano they own (the "Proposed Transaction").
The lawsuit alleges that certain of the defendants, in connection with the Proposed Transaction, breached or aided and abetted the other defendants' breaches of their fiduciary duties of loyalty and due care owed to Copano unitholders. The complaint further alleges that, in an attempt to secure unitholder approval of the Proposed Transaction, the defendants filed a materially false and misleading Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission in violation of sections 14(a) and 20(a) of the Exchange Act. The omitted and/or misrepresented information is believed to be material to Copano unitholders' ability to make an informed decision whether or not to approve the Proposed Transaction.
The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated unitholders of Copano as of January 29, 2013 (the "Class").
