Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of StoneMor Partners L.P. Investors & Enc...
January 11 2017 - 3:46PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased StoneMor Partners L.P. (“StoneMor” or the “Company”)
(NYSE: STON) securities between January 19, 2012 and October 27,
2016, inclusive (the “Class Period”). StoneMor investors have
until January 20, 2017 to file a lead plaintiff
motion.
Investors suffering losses on their StoneMor investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
According to the complaint filed in this class action, during
the Class Period StoneMor made false and misleading statements
and/or failed to disclose: that the Company's reported non-GAAP
financial metrics were materially misleading and concealed the
truth about the Company's true financial condition; that the main
purpose of StoneMor's regular debt and equity offerings were to pay
distributions to unitholders instead of pay down indebtedness under
the Company's revolving credit facility as publicly stated; and
that as a result of the above stated, 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 2, 2016, StoneMor disclosed that it would restate
its financials to correct numerous mistakes. Shortly
thereafter, on October 27, 2016, StoneMor reduced its quarterly
cash distribution by 50%, and on October 28, 2016 StoneMor's
share price fell over 44%.
Then on November 9, 2016, StoneMor announced that it would also
be amending its Form 10-K for the fiscal year ended December 31,
2015, as well as its Forms 10-Q for the quarters ended on June 30,
2016 and March 31, 2016. On this news, shares of StoneMor fell over
5% to close at just $8.57 per share on November 9, 2016, thereby
injuring investors.
If you purchased shares of StoneMor during the Class Period you
may move the Court no later than January 20,
2017 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please contact Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com, or visit our
website at http://glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170111006087/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
StoneMor (NYSE:STON)
Historical Stock Chart
From Aug 2024 to Sep 2024
StoneMor (NYSE:STON)
Historical Stock Chart
From Sep 2023 to Sep 2024