Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against StoneMor Partners, L.P. (STON) & Enc...
December 07 2016 - 5:30PM
Business Wire
Bragar Eagel & Squire, P.C. announces that a class action
lawsuit has been filed in the U.S. District Court for the Eastern
District of Pennsylvania on behalf of all persons or entities who
purchased or otherwise acquired StoneMor Partners, L.P. (NYSE:STON)
securities between January 19, 2012 and October 27, 2016 (the
“Class Period”).
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements
and/or 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 that: (1) the Company’s reported non-GAAP financial
metrics were materially misleading and concealed the truth about
the Company’s actual financial condition and (2) the primary
purpose of the Company’s regular debt and equity offerings was to
pay distributions to unitholders rather than to pay down
indebtedness under the Company’s revolving credit facility as
publicly stated. As a result, StoneMor’s statements about its
business, operations, and prospects were false and misleading
and/or lacked a reasonable basis throughout the Class Period.
On September 2, 2016, StoneMor disclosed that it intended to
restate its financial statements for the years ended December 31,
2013 through 2015 and the quarters ended March 31, 2016 and June
30, 2016 “to correct certain accounting errors.” Then, on October
27, 2016, post-market, StoneMor announced a quarterly cash
distribution of only $0.33 per common unit – a 50% reduction from
the prior quarter’s cash distribution. Following this news,
StoneMor shares declined $11.08 per share on October 28, 2016.
If you purchased or otherwise acquired StoneMor securities
during the Class Period and suffered a loss or continue to hold
shares purchased prior to the Class Period, have information or
would like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact J. Brandon Walker, Esq. by
email at investigations@bespc.com, or telephone at (212) 355-4648,
or by filling out this contact form. There is no cost or obligation
to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm
concentrating in commercial and securities litigation. For
additional information, please go to www.bespc.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161207006239/en/
Bragar Eagel & Squire, P.C.J. Brandon Walker, Esq.,
212-355-4648investigations@bespc.com
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