Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Sunoco, Inc. (NYSE: SUN) arising from its agreement for Sunoco to be acquired by Energy Transfer Partners, L.P. ("ETP") (NYSE: ETP). Under the proposed Merger agreement, for each Sunoco share, shareholders can elect to receive either $50.00 in cash, 1.0490 ETP common units or a combination of $25.00 in cash and 0.5245 ETP common units. The transaction is expected to close during the third or fourth quarter of 2012.
Weiss & Lurie is investigating whether Sunoco's Board acted in the best interests of shareholders in approving this deal. Sunoco has averaged year-over-year revenue growth of 27.4% over the last four quarters. During the quarter ended on December 31, 2011, Sunoco's revenue grew over 28% as compared with the same period in 2010 – from $9.9 billion to $12.7 billion, and Sunoco topped net income expectations by $0.32 per share. Sunoco stock has risen over 7% since January 31, 2012, when it closed at $38.16 per share to close at $40.91 per share on April 27, 2012. Indeed, a week before the deal's announcement, Citigroup raised Sunoco's price target to $51.
If you own Sunoco shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Michael A. Rogovin, Esq. either by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing, consumer fraud, or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/.
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Weiss & Lurie
Michael A. Rogovin, Esq.
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New York, NY 10036