Cases
StoneMor Partners, L.P. (NYSE: STON)
Securities Class Action
Overview
Overview
- Date:
- 12/1/2016
- Company Name:
- StoneMor Partners, L.P.
- Stock Symbol:
- STON
- Class Period:
- FROM 1/19/2012 TO 10/27/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Eastern District of Pennsylvania
NEW YORK, December 1, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Pennsylvania Eastern District Court on behalf of all persons or entities who acquired the StoneMor Partners, L.P. (NYSE: STON) securities between January 19, 2012 to October 27, 2016 (the “Class Period”).
According to the complaint, during the Class Period, StoneMor made false and 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 true financial condition; (2) 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 (3) 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, the Company announced that it would restate its financials to correct various errors. On October 27, 2016, StoneMor cut its distribution by half. On November 9, 2016, the Company announced that it needed 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." When this news was released to the public, shares of StoneMor fell $11.08 per share.
If you acquired StoneMor securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
According to the complaint, during the Class Period, StoneMor made false and 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 true financial condition; (2) 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 (3) 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, the Company announced that it would restate its financials to correct various errors. On October 27, 2016, StoneMor cut its distribution by half. On November 9, 2016, the Company announced that it needed 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." When this news was released to the public, shares of StoneMor fell $11.08 per share.
If you acquired StoneMor securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.