IMPORTANT SHAREHOLDER ALERT: Lundin Law PC Announces Securities Class Action Lawsuit against Ferrellgas Partners LP & Encoura...
October 11 2016 - 11:12AM
Business Wire
Lundin Law PC (the “Firm”) announces a class action lawsuit has
been filed against Ferrellgas Partners LP (“Ferrellgas” or the
“Company”) (NYSE: FGP) concerning possible violations of federal
securities laws between June 1, 2015 and September 28, 2016 (the
“Class Period”). Investors who purchased or otherwise acquired
shares during the Class Period should contact the Firm by the
December 5, 2016 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esquire, of Lundin Law PC, at
888-713-1033, or e-mail him at brian@lundinlawpc.com.
No class has been certified in the above action yet. 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, 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 they 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 news was disclosed to the
public, shares of Ferrellgas decreased in value.
Lundin Law PC was founded by Brian Lundin, a securities
litigator based in Los Angeles dedicated to upholding the rights of
shareholders.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20161011006263/en/
Lundin Law PCBrian Lundin, Esq.Telephone: 888-713-1033Facsimile:
888-713-1125brian@lundinlawpc.comhttp://lundinlawpc.com/
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