INVESTOR REMINDER: Kessler Topaz Meltzer & Check, LLP Announces Deadline in Class Action Lawsuit Filed Against StoneMor Partn...
January 09 2017 - 11:00AM
Business Wire
The law firm of Kessler Topaz Meltzer & Check, LLP reminds
StoneMor Partners L.P. (NYSE: STON) (“StoneMor” or the “Company”)
investors that a class action lawsuit has been filed on behalf of
purchasers of the Company’s securities between January 19, 2012
and October 27, 2016, inclusive (the “Class Period”).
REMINDER: StoneMor
investors who purchased securities during the Class Period may, no
later than January 20, 2017, 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/stonemor-partners-lp#join.
Investors 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.
StoneMor is the second largest owner and operator of cemeteries
and funeral homes in the US. As a limited partnership, StoneMor
makes quarterly distribution payments to its unitholders.
The complaint alleges that, throughout the Class Period,
StoneMor and certain of its executive officers made false and/or
misleading statements and/or failed to disclose: (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 was to pay
distributions to unitholders rather than to pay down indebtedness
under the Company’s revolving credit facility as publicly stated.
The complaint further alleges that, as a result of the foregoing,
StoneMor’s statements about its business, operations and prospects
were false and misleading and/or lacked a reasonable basis at all
relevant times.
As further detailed in the complaint, on September 2, 2016,
StoneMor disclosed that it intended to restate its consolidated
financial statements “to correct certain accounting errors.” On
October 27, 2016, StoneMor announced a quarterly cash distribution
of $0.33 per common unit – a 50% reduction from the prior quarter’s
cash distribution.
Following this news, shares of the Company’s common units fell
$11.08 per share, or nearly 45%, to close on October 28, 2016 at
$13.74 per common unit, on heavy trading volume.
StoneMor investors may, no later than January 20, 2017,
petition the Court to be designated 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/stonemor-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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170109005001/en/
Kessler Topaz Meltzer & Check, LLPDarren J. Check, Esq.D.
Seamus Kaskela, Esq.Adrienne O. Bell, Esq.280 King of Prussia
RoadRadnor, PA 19087888-299-7706610-667-7706info@ktmc.com
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