NEW YORK, Jan. 7, 2017 /PRNewswire/ -- Faruqi & Faruqi,
LLP, a leading national securities law firm, reminds investors in
StoneMor Partners L.P. ("StoneMor" or the "Company") (NYSE:STON) of
the January 20, 2017 deadline to seek
the role of lead plaintiff in a federal securities class action
lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the
Eastern District of Pennsylvania
on behalf of all those who purchased StoneMor stock or options
between January 19, 2012 and
October 27, 2016 (the "Class
Period"). The case, ANDERSON v. STONEMOR PARTNERS, L.P. et
al, No. 16-cv-06111 was filed on November 23, 2016, and has been assigned to Judge
Eduardo Robreno.
The lawsuit focuses on whether the Company and its executives
violated federal securities laws by making and providing financial
statements based on misleading non-GAAP financial presentations in
order to falsely mislead investors into purchasing the Company's
equity units.
First, on October 27, 2016,
StoneMor was forced to materially cut its distribution in half
since no new capital had been infused into the Company. This
came after an announcement on September 2,
2016, in which the Company stated that it would have to
correct various errors in its financial statements due to using
potentially financially misleading metrics.
After the announcement, StoneMor's share price fell from
$24.82 per share on October 27, 2016 to a closing price of
$13.74 on October 28, 2016—a $11.08 or a 44.6% drop.
Then, on November 9, 2016,
StoneMor filed a Form 8-K with the Securities and Exchange
Commission ("SEC") announcing that it would have 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." As a reason for the
amendments, the Company cited the SEC's review which required the
Company to discontinue the use of non-GAAP measures, such as
Adjusted EBITDA, as performance metrics in its financial
statements.
After the announcement, StoneMor's share price fell from
$9.03 per share on November 8, 2016 to a closing price of
$8.57 on November 9, 2016 —a $0.46 or a 5.1% drop.
Request more information now by clicking here:
www.faruqilaw.com/STON. There is no cost or obligation to
you.
Take Action
If you invested in StoneMor stock or options between
January 19, 2012 and October 27, 2016 and would like to discuss your
legal rights, visit www.faruqilaw.com/STON. You can also contact us
by calling Richard Gonnello toll
free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also
encourages anyone with information regarding StoneMor's conduct to
contact the firm, including whistleblowers, former employees,
shareholders and others.
The court-appointed lead plaintiff is the investor with the
largest financial interest in the relief sought by the class that
is adequate and typical of class members who directs and oversees
the litigation on behalf of the putative class. Any member of the
putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. Your ability to share in any
recovery is not affected by the decision of whether or not to serve
as a lead plaintiff.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with
respect to any future matter. We welcome the opportunity to discuss
your particular case. All communications will be treated in a
confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert-faruqi--faruqi-llp-encourages-investors-who-suffered-losses-in-excess-of-100000-investing-in-stonemor-partners-lp-to-contact-the-firm-before-lead-plaintiff-deadline-300387164.html
SOURCE Faruqi & Faruqi, LLP