NEW YORK, Dec. 9, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against
StoneMor Partners L.P. ("StoneMor" or the "Company") (NYSE:
STON) and certain of its officers. The class action,
filed in United States District Court, Eastern District of
Pennsylvania, and docketed under
16-cv-06275, is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired StoneMor securities
between January 19, 2012 and
October 27, 2016, both dates
inclusive (the "Class Period"), seeking to recover compensable
damages caused by defendants' violations of the Securities Exchange
Act of 1934.
If you are a shareholder who purchased StoneMor securities
during the Class Period, you have until January 20, 2017 to ask the Court to appoint you
as Lead Plaintiff for the class. A copy of the Complaint can
be obtained at www.pomerantzlaw.com. To discuss this action,
contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
StoneMor together with its subsidiaries, owns and operates
cemeteries in the United States.
It operates through two segments, Cemetery Operations and Funeral
Homes.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as 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) that the Company's reported non-GAAP
financial metrics were materially misleading and concealed the
truth about the Company's actual financial condition; and (2) that
the primary purpose of the Company's regular debt and equity
offerings were 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 at all relevant times.
On September 2, 2016, StoneMor
announced that it would restate its financials to correct various
errors.
On October 27, 2016, after the
market closed, the Company issued a press release announcing a
quarterly cash distribution of $0.33
per common unit for the third quarter of 2016 — a 50% reduction
over the previous quarter (the "October
27 Press Release").
On this news, StoneMor's share price fell $11.08, or 44.64%, to close at $13.74 on October
28, 2016.
On November 9, 2016, StoneMor
announced the need to "amend its Form 10-K for [the] fiscal year
ended December 31, 2015, and its
Forms 10-Q for the quarterly periods ended June 30, 2016 and March
31, 2016."
On this news, StoneMor's share price fell $0.46, or 5.09%, to close at $8.57 on November 9,
2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP