Pioneer Southwest Smacked With Suit Over $1.5B Stock Swap

Law360, New York (August 22, 2013, 4:58 PM EDT) -- Master limited partnership Pioneer Southwest Energy Partners LP was hit with a proposed class action in Texas federal court Wednesday alleging that it blocked out legitimate buyers and undercut unit holders in a recent $1.5 billion all-stock deal with its creator, Texas-based Pioneer Natural Resources Co.

The complaint, filed on behalf of a Pioneer Southwest unit holder in the U.S. District Court for the Northern District of Texas, accuses the company and members of its board of undervaluing the partnership in the deal and of locking...
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