BALA CYNWYD, PA / ACCESSWIRE / October 27, 2021 / Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Phillips 66 Partners ("PSXP" or the "Company") (NYSE:PSXP) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the agreement for Phillips 66 (NYSE - PSX) to acquire all of the publicly held common units representing limited partner interests in PSXP not already owned by Phillips 66 and its affiliates. The all-stock transaction provides each outstanding PSXP common unitholder would receive 0.50 shares of Phillips 66 common stock for each PSXP common unit.
The investigation concerns whether the PSXP Board breached its fiduciary duties to unitholders by failing to conduct a fair process and whether Phillips 66 is paying too little for the Company.
If you own units of PSXP and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/phillips-66-partners-nyse-psxp/, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC
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