San Diego, CA -- (SBWIRE) -- 06/17/2015 -- An investor who currently holds units of Eagle Rock Energy Partners, L.P. (NASDAQ:EROC), filed a lawsuit in effort to halt the proposed takeover of Eagle Rock Energy Partners, L.P. by Vanguard Natural Resources, LLC for a value of $3.05 per unit.

Investors who purchased units of Eagle Rock Energy Partners, L.P. (NASDAQ:EROC) and currently hold any of those NASDAQ:EROC units have certain options and should contact the Unitholders Foundation at mail@unitholdersfoundation or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:EROC stockholders arising out of the attempt to sell Eagle Rock Energy Partners, L.P. too cheaply via an unfair and self-serving process to Vanguard Natural Resources, LLC.

On May 21, 2015, Vanguard Natural Resources, LLC (Nasdaq:VNR) and Eagle Rock Energy Partners, L.P. (NASDAQ:EROC) announced that they have entered into an Agreement and Plan of Merger pursuant to which a subsidiary of Vanguard Natural Resources, LLC (Nasdaq:VNR) will merge into Eagle Rock Energy Partners, L.P. (NASDAQ:EROC) for total consideration of $474 million in Vanguard Natural Resources, LLC (Nasdaq:VNR) common units and the assumption of Eagle Rock Energy Partners' net debt of $140 million as of March 31, 2015. The consideration to be received by Eagle Rock Energy Partners' unitholders is valued at $3.05 per NASDAQ:EROC common unit based on Vanguard Natural Resources' closing price as of May 21, 2015.

However, the plaintiff claims that the proposed consideration NASDAQ:EROC unitholders will receive is grossly inadequate and undervalues Eagle Rock Energy Partners, L.P. More specifically the plaintiffs said that rather than allowing adequate time for the partnership's transformation to take root, the board of directors of Eagle Rock Energy Partners, L.P. has rushed into a sale and agreed to sell the partnership for inadequate consideration. Indeed, NASDAQ:EROC units traded in early 2014 as high as $6.16 per unit and as high as $10.16 per unit in April 2013. Eagle Rock Energy Partners, L.P. reported that its annual Total Revenue rose from $200.61 million in 2013 to $203.79 million in 2014 and that its respective Net Loss declined from $277.98 million to $139.91 million. In addition, the plaintiff claims that the process is also unfair to NASDAQ:EROC unitholders. The plaintiff says that the defendants agreed to preclusive deal protection devices that unreasonably restrain the partnership's ability to solicit or engage in negotiations with any third party regarding a proposal to acquire all or a significant interest in the partnership.

On June 16, 2015, Eagle Rock Energy Partners, L.P. (NASDAQ:EROC) units closed at $2.52 per unit.

Those who are current investors in Eagle Rock Energy Partners, L.P. (NASDAQ:EROC) units have certain options and should contact the Unitholders Foundation.

Contact:
Unitholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@unitholdersfoundation.com