INVESTOR ALERT: Lundin Law PC Announces Securities Class Action Lawsuit against StoneMor Partners L.P. and Encourages Investors with Losses to Contact the Firm
LOS ANGELES, CA / ACCESSWIRE / November 30, 2016 / Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against StoneMor Partners L.P. (“StoneMor” or the “Company”) (NYSE: STON) concerning possible violations of federal securities laws between January 19, 2012 and October 27, 2016 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period are encouraged to contact the firm prior to the January 20, 2017 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, StoneMor made false and misleading statements and/or failed to disclose: that the Company’s reported non-GAAP financial metrics were materially misleading and concealed the truth about the Company’s real financial condition; that the main purpose of StoneMor’s regular debt and equity offerings were to pay distributions to unitholders rather than to pay down indebtedness under the Company’s revolving credit facility as publicly stated; and that as a result of the above, the Company’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times.
On September 2, 2016, the Company announced that it would restate its financials to correct various errors. On October 27, 2016, StoneMor cut its distribution by half. On November 9, 2016, the Company announced that it needed to “amend its Form 10-K for [the] fiscal year ended December 31, 2015, and its Forms 10-Q for the quarterly periods ended June 30, 2016 and March 31, 2016.” When this information was released to the public, the value of StoneMor fell, causing investors severe harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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SOURCE: Lundin Law PC