SHAREHOLDER REMINDER: Kessler Topaz Meltzer & Check, LLP Announces Deadline in Class Action Lawsuit Filed Against Ferrellgas ...
November 05 2016 - 9:00AM
Business Wire
The law firm of Kessler Topaz Meltzer & Check, LLP reminds
Ferrellgas Partners, L.P. (NYSE: FGP) (“Ferrellgas” or the
“Company”) investors that a class action lawsuit has been filed on
behalf of purchasers of the Company’s securities between June 1,
2015 and September 28, 2016, inclusive (the “Class
Period”).
REMINDER: Ferrellgas investors who purchased securities
during the Class Period may, no later than December 5, 2016,
petition the Court to be appointed as a lead plaintiff
representative of the class. For additional information, or
to learn how to participate in this action, please visit
https://www.ktmc.com/new-cases/ferrellgas-partners-lp#join.
Shareholders who wish to discuss this action and their legal
options are encouraged to contact Kessler Topaz Meltzer &
Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or
Adrienne O. Bell, Esq.) at (888) 299-7706 or at info@ktmc.com.
Ferrellgas distributes and sells propane and related equipment
and supplies primarily in the United States. The Company transports
propane to distribution locations, to tanks on customer’s premises,
or to portable propane tanks delivered to retailers.
On September 28, 2016, Ferrellgas announced that its Chief
Executive Officer (“CEO”) had “stepped down,” effective
immediately. Also on September 28, 2016, Ferrellgas reported its
financial and operational results for Fiscal 2016 (ended July 31,
2016). For Fiscal 2016 the Company reported a net loss of $665
million, driven by impairment charges of over $658 million on
certain assets. Additionally, Ferrellgas reported that “it is
possible that the annual distribution rate may be reduced from
$2.05 to approximately $1.00 per common unit” in order to reduce
the Company’s debt and leverage ratio.
Following this news, shares of the Company’s stock declined
$3.50 per share, or over 21%, to close on September 28, 2016 at
$13.00 per share, on heavy trading volume. The following day the
Company’s shares declined an additional $1.23 per share, to close
on September 29, 2016 at $11.77 per share.
Ferrellgas investors may, no later than December 5, 2016,
petition the Court to be appointed as a lead plaintiff
representative of the class through Kessler Topaz Meltzer &
Check or other counsel, or may choose to do nothing and remain an
absent class member. A lead plaintiff is a representative party who
acts on behalf of all class members in directing the litigation. In
order to be appointed as a lead plaintiff, the Court must determine
that the class member’s claim is typical of the claims of other
class members, and that the class member will adequately represent
the class in the action. Your ability to share in any recovery is
not affected by the decision of whether or not to serve as a lead
plaintiff. For additional information, or to learn how to
participate in this action, please visit
https://www.ktmc.com/new-cases/ferrellgas-partners-lp#join.
Kessler Topaz Meltzer & Check prosecutes class actions in
state and federal courts throughout the country. Kessler Topaz
Meltzer & Check is a driving force behind corporate governance
reform, and has recovered billions of dollars on behalf of
institutional and individual investors from the United States and
around the world. The firm represents investors, consumers and
whistleblowers (private citizens who report fraudulent practices
against the government and share in the recovery of government
dollars). The complaint in this action was not filed by Kessler
Topaz Meltzer & Check. For more information about Kessler Topaz
Meltzer & Check, please visit www.ktmc.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161105005005/en/
Kessler Topaz Meltzer & Check, LLPDarren J. Check, Esq.D.
Seamus Kaskela, Esq.Adrienne O. Bell, Esq.280 King of Prussia
RoadRadnor, PA 19087888-299-7706610-667-7706info@ktmc.com
Ferrellgas Partners (NYSE:FGP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ferrellgas Partners (NYSE:FGP)
Historical Stock Chart
From Sep 2023 to Sep 2024