DEADLINE ALERT: Brower Piven Alerts Shareholders Of Approaching Deadline In Class Action Lawsuit And Encourages Those With Losses In Excess Of $100,000 From Investment In Ferrellgas Partners, L.P. To Contact The Firm
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been commenced in
the United States District Court for the Southern District of New York
on behalf of purchasers of Ferrellgas Partners, L.P. (NYSE: FGP)
(“Ferrellgas Partners” or the “Company”) securities during the period
between June 1, 2015, and September 28, 2016, inclusive (the “Class
Period”). Investors who wish to become proactively involved in the
litigation have until December 5, 2016 to seek appointment as lead
plaintiff.
If you wish to choose counsel to represent you and the Class, you must
apply to be appointed lead plaintiff and be selected by the Court. The
lead plaintiff will direct the litigation and participate in important
decisions including whether to accept a settlement for the Class in the
action. The lead plaintiff will be selected from among applicants
claiming the largest loss from investment in Ferrellgas Partners
securities during the Class Period. Members of the Class will be
represented by the lead plaintiff and counsel chosen by the lead
plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants’ failure to disclose
during the Class Period that the Company’s propane sales were declining,
its midstream logistics business was being negatively impacted by low
crude oil prices, the Company’s Adjusted EBITDA would fall below the
Company’s projections, and the Company was becoming more and more
leveraged, and that, in response, the Company would need to obtain an
amendment under its secured credit facility and accounts receivable
securitization facility to increase the maximum leverage ratio, which
would likely cause the Company to reduce its dividend.
According to the complaint, following a September 28, 2016 announcement
disclosing that the Company’s President and Chief Executive Officer has
stepped down, the Company had a net loss for fiscal 2016 due to lower
propane sales and low oil prices, the Company’s leverage levels have
increased and are approaching the limit under its credit facility, the
Company had obtained an amendment to its credit facility, and that the
Company was considering reducing its dividends, the value of Ferrellgas
Partners shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in
Ferrellgas Partners securities purchased on or after June 1, 2015 and
held through the revelation of negative information during and/or at the
end of the Class Period and would like to learn more about this lawsuit
and your ability to participate as a lead plaintiff, without cost or
obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616. Brower Piven also encourages
anyone with information regarding the Company’s conduct during the
period in question to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s. If you choose to retain counsel,
you may retain Brower Piven without financial obligation or cost to you,
or you may retain other counsel of your choice. You need take no action
at this time to be a member of the class.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161111005722/en/
Copyright Business Wire 2016
Source: Business Wire
(November 11, 2016 - 11:15 PM EST)
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