RADNOR, Pa., Oct. 8, 2016 /PRNewswire/ -- The law firm of
Kessler Topaz Meltzer & Check, LLP announces that a shareholder
class action lawsuit has been filed against Ferrellgas Partners,
L.P. (NYSE: FGP) ("Ferrellgas" or the "Company") on behalf of
purchasers of the Company's securities between June 1, 2015, and September 28, 2016, inclusive (the "Class
Period").
Investors who purchased Ferrellgas 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.
Ferrellgas 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 shareholders 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.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP