EQUITY ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit against Ferrellgas Partners LP & Encourages Investo...
October 10 2016 - 11:34AM
Business Wire
Khang & Khang LLP (the “Firm”) announces a class action
lawsuit has been filed against Ferrellgas Partners LP (“Ferrellgas”
or the “Company”) (NYSE: FGP). Investors who purchased or otherwise
acquired shares between June 1, 2015 and September 28, 2016
inclusive (the “Class Period”), are encouraged to contact the Firm
by the December 5, 2016 lead plaintiff motion deadline.
If you purchased shares of Ferrellgas during the Class Period,
please contact Joon M. Khang, Esquire, of Khang & Khang, 18101
Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949)
419-3834, or by e-mail at joon@khanglaw.com.
There has been no class certification in this case. Until
certification occurs, you are not represented by an attorney. You
may choose to take no action and remain a passive class member.
According to the complaint, Ferrellgas made false and/or
misleading statements and/or failed to disclose: that its propane
sales were declining; that the Company’s midstream logistics
business was being negatively affected by lower crude oil prices;
that Ferrellgas’ Adjusted EBITDA would fall below its projections;
that the Company was becoming increasingly leveraged and 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 - 6.05x; that Ferrellgas would
likely need to reduce its dividend; 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 28, 2016, Ferrellgas announced that had a net loss
for fiscal 2016 of approximately $665 million, whereas it had a net
profit of $29 million for fiscal 2015. Also, the Company’s
President, CEO and Director Stephen Warnbold resigned immediately.
When this information was released, shares of Ferrellgas fell in
value sharply, causing investors harm.
If you wish to learn more about this lawsuit, or if
you have questions regarding this notice or your rights, please
contact Joon M. Khang, a prominent litigator for almost two
decades, by telephone: (949) 419-3834, or via e-mail at
joon@khanglaw.com.
This press release may constitute Attorney Advertising in some
jurisdictions.
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version on businesswire.com: http://www.businesswire.com/news/home/20161010005821/en/
Khang & Khang LLPJoon M. Khang, Esq.Telephone:
949-419-3834Facsimile: 949-225-4474joon@khanglaw.com
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