Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor LLP today announced that a class action has been commenced in the United States District Court for the Western District of Texas on behalf of holders of QEP Midstream Partners, LP (“QEP”) common stock on April 6, 2015, in connection with the proposed acquisition of QEP by Tesoro Logistics LP (“Tesoro”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com, Patrick Powers at Powers Taylor LLP via e-mail at shareholder@powerstaylor.com or by calling toll free at (877) 728-9607. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges QEP’s Board of Directors (the “Board”) with violations of the Securities Exchange Act of 1934 (“1934 Act”). Defendant QEP is a Delaware Limited Partnership, with its principal place of business located in San Antonio, Texas. QEP common units are listed on the NYSE under the ticker symbol “QEPM.” QEP was formed by QEP Resources, Inc. to own, operate, acquire and develop midstream energy assets. QEP’s primary assets consist of ownership interests in four gathering systems and two FERC-regulated pipelines through which QEP provides natural gas and crude oil gathering and transportation services. QEP’s assets are located in, or are within close proximity to, the Green River Basin located in Wyoming and Colorado, the Uinta Basin located in eastern Utah, and the Williston Basin located in North Dakota. As of the year ended December 31, 2014, QEP’s gathering systems had over 1,500 miles of pipeline. QEP believes its customers are some of the largest natural gas producers in the Rocky Mountain region.

On April 6, 2015, QEP announced that its Board had entered into a merger agreement with Tesoro whereby Tesoro will acquire QEP in a unit-for-unit exchange. Under the terms of the merger agreement, QEP public unitholders will receive 0.3088 Tesoro common units for each QEP Common Unit Held.

The complaint alleges that on May 11, 2015, to encourage QEP unitholders to accept the merger, defendants filed a Registration Statement on Form N-14 8(c) (“Registration Statement”) with the SEC that contained material misstatements and omissions in violation of §§14(a) and 20(a) of the 1934 Act. According to the complaint, the Registration Statement does not allow QEP unitholders to properly gauge the expected value they would gain in the merger. Among other things, the complaint alleges that the Registration Statement omits material details regarding the valuation methodologies QEP’s financial advisor, Tudor, Pickering, Holt & Co. Advisors, LLC, utilized in the fairness opinion it provided to the Board. The complaint concludes that the Registration Statement deprives QEP unitholders of the ability to cast rational, intelligent and informed votes in favor of or against the merger.

Plaintiff seeks injunctive and equitable relief on behalf of QEP public unitholders and is represented by Willie Briscoe and Powers Taylor LLP.

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.