INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have Losses In Excess Of $100,000 From Investment In Ferrellgas Part...
October 18 2016 - 4:20PM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161018006700/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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