Cohen Milstein Sellers & Toll PLLC Announces Investigation of StoneMor Partners, L.P.
January 06 2017 - 10:07AM
Business Wire
Cohen Milstein Sellers & Toll PLLC is conducting an
investigation to determine whether StoneMor Partners, L.P.
(“StoneMor” or the “Company”) and certain of its officers and
directors made false and misleading statements and/or omissions in
violation of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934.
A class action lawsuit was filed in the U.S. District Court for
the Eastern District of Pennsylvania by another law firm on behalf
of purchasers of units of StoneMor Partners, L.P. (NYSE: STON)
between January 19, 2012 and October 27, 2016, inclusive (the
“Class Period”).
The complaint alleges that StoneMor Partners, L.P. and certain
of its officers and directors (“Defendants”) misrepresented and/or
failed to disclose that: (1) StoneMor used proceeds from debt
offerings and equity issuances to pay distributions and not to pay
down indebtedness under the Company's revolving credit facility,
while simultaneously assuring investors that its "profit"
distributions were safe based on the Company's manufactured and
misleading non-GAAP financials; and (2) when the Company's access
to the capital and debt markets dried up, StoneMor was forced to
cut its distribution in half, damaging the Class.
The claims in this case followed StoneMor’s announcements that
it would cut its quarterly distribution to unit holders by half,
restate financials, and cease using Adjusted EBITDA as a
performance metric. The Class Period ends on October 27, 2016, when
StoneMor announced the distribution reduction. The price of
StoneMor units fell from $24.82 on October 27 to $13.74 on October
28.
Cohen Milstein encourages all investors who purchased StoneMor
units between January 19, 2012 and October 27, 2016, or former
employees with information concerning this matter to contact the
firm.
If you are a StoneMor investor and would like to discuss your
right to recover for your economic loss, you may, without any cost
or obligation, call Cohen Milstein’s Managing Partner, Steven J.
Toll at (888) 240-0775 or (202) 408-4600, or email him at
stoll@cohenmilstein.com. If you wish to serve as lead plaintiff,
you must move the Court no later than January 20, 2017, to request
appointment. Any member of the proposed class may retain Cohen
Milstein or other attorneys to serve as your counsel in this
action, or you may do nothing and remain an absent class
member.
Cohen Milstein has significant experience in prosecuting
investor class actions and actions involving securities fraud, and
is active in major litigation pending in federal and state courts
throughout the nation. Cohen Milstein has taken a lead role in
numerous important cases on behalf of defrauded investors, and has
been responsible for a number of outstanding recoveries which, in
the aggregate, total billions of dollars. Prior results do not
guarantee a similar outcome. For more information visit
www.cohenmilstein.com.
If you have any questions about this notice or the action, or
with regard to your rights, please contact either of the
following:
Steven J. Toll, Esq.Ryan MarchbankCohen Milstein Sellers &
Toll PLLC1100 New York Avenue, N.W.Suite 500 EastWashington, D.C.
20005Telephone: (888) 240-0775 or (202) 408-4600Email:
stoll@cohenmilstein.com; rmarchbank@cohenmilstein.com
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version on businesswire.com: http://www.businesswire.com/news/home/20170106005455/en/
Cohen Milstein Sellers & Toll PLLCSteven J. Toll, Esq.,
888-240-0775 or 202-408-4600stoll@cohenmilstein.comorRyan
Marchbank, 888-240-0775 or
202-408-4600rmarchbank@cohenmilstein.com
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