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Actionable news in WMB: WILLIAMS COMPANIES Inc,

Williams Cos. (WMB) Stock Climbs After Suing Energy Transfer Equity

NEW YORK (TheStreet) -- Williams Cos. (WMB - Get Report) stock is climbing by 3.38% to $15.31 in early-afternoon trading on Wednesday, after the pipeline company filed separate lawsuits against Energy Transfer Equity (ETE) and its CEO to block a private preferred share offering that Energy Transfer made to certain investors last month.

Williams Cos. claims that they violated the terms of the companies' merger agreement with the private offering of preferred units, which was intended to help fund the deal.

The company further alleges that Energy Transfer engineered the transaction to siphon money to its CEO Kelcy Warren, who is among the top investors who will receive convertible units in exchange for a...