Wolf Popper Announces Filing of Securities Class Action Against SemGroup Energy Partners, L.P. - SGLP

NEW YORK, July 25 /PRNewswire/ -- Wolf Popper LLP has filed a class action lawsuit against SemGroup Energy Partners, L.P. ("SemGroup"; Nasdaq: SGLP) and affiliated parties in the United States District Court for the Southern District of New York on behalf of investors in SemGroup on the February 13, 2008 secondary offering. The case has been assigned Civil Action No. 08 Civ. 6598.

Plaintiff alleges in the action that the Prospectus for the secondary offering misrepresented the financial strength of SemGroup's Parent (SemGroup, L.P.) and failed to disclose that the Parent had engaged in risky hedging strategies that presented a material risk of default and bankruptcy. Inasmuch as SemGroup's business operations were heavily dependent on its Parent, the true facts concerning the Parent's financial condition were material to a reasonable investor's decision to purchase units on the secondary offering. Those true facts were first disclosed to investors on Thursday, July 17, 2008, when it was revealed that because of its hedging strategies the Parent was at risk of filing for bankruptcy. The Parent and affiliated companies subsequently filed for bankruptcy on Monday, July 21, 2008. As a result of the July 17, 2008 disclosures and subsequent bankruptcy filing, SemGroup's units, which closed on Wednesday, July 16, 2008 at $22.80 per unit, plummeted to close on Wednesday, July 23, 2008 at $8.00 per unit. Documents filed on behalf of the Parent in Bankruptcy Court revealed that SemGroup began experiencing financial distress in 2007 and early 2008, prior to the secondary offering. The Prospectus failed to disclose that the Parent was suffering from liquidity problems, or that it was engaged in highly risky crude oil hedge transactions that affected its ability to continue as a going concern.

Investors in SemGroup Energy Partners have until September 19, 2008 to file a motion with the District Court to be appointed lead plaintiff.

Wolf Popper LLP has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders.

For more information or to pursue your appointment as lead plaintiff, please contact:

Wolf Popper LLP

Robert C. Finkel, Esq.

845 Third Avenue

New York, NY 10022

Tel.: 212.451.9620 or 877.370.7703 (toll free)

Fax: 212.486.2093 or 877.370.7704 (toll free)

Email: irrep@wolfpopper.com or rfinkel@wolfpopper.com

website: www.wolfpopper.com

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SOURCE Wolf Popper LLP