Glancy Prongay & Murray LLP Files Securities Class Action Lawsuit against Ferrellgas Partners, L.P.
October 06 2016 - 6:49PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that it has
filed a class action lawsuit in the United States District Court
for the Southern District of New York on behalf of a class (the
“Class”) consisting of persons and entities that acquired
Ferrellgas Partners, L.P. (“Ferrellgas” or the “Company”) (NYSE:
FGP) securities between June 1, 2015, and September 28,
2016, inclusive (the “Class Period”).
If you are a member of the Class described above, you may move
the Court no later than December 5, 2016, to serve as
lead plaintiff. Please contact Lesley Portnoy at 888-773-9224 or
310-201-9150, or at shareholders@glancylaw.com to discuss this
matter.
The complaint filed in this action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts
about the Company’s business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements
and/or failed to disclose: (1) that the Company’s propane sales
were declining; (2) that the Company’s midstream logistics business
was being negatively impacted by low crude oil prices; (3) that, as
such, the Company’s Adjusted EBITDA would fall below the Company’s
projections; (4) that the Company was becoming more and more
leveraged; (5) that, in response, the Company would need to obtain
an amendment under the secured credit facility and accounts
receivable securitization facility to increase the maximum leverage
ratio to a range of 5.95x to 6.05x; (6) that, as a result of the
foregoing, the Company would likely need to reduce its dividend;
and (7) that, as a result of the foregoing, Defendants’ statements
about Ferrellgas’ business, operations, and prospects were false
and misleading and/or lacked a reasonable basis.
If you purchased shares of Ferrellgas during the Class Period
you may move the Court no later than December 5,
2016, to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please
contact Lesley Portnoy, Esquire, of Glancy Prongay &
Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067, at 310-201-9150, by e-mail to
shareholders@glancylaw.com, or visit our website
at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161006006536/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
Ferrellgas Partners (NYSE:FGP)
Historical Stock Chart
From Apr 2024 to May 2024
Ferrellgas Partners (NYSE:FGP)
Historical Stock Chart
From May 2023 to May 2024