Lead Plaintiff Deadline is December 5, 2016
NEW YORK, NY / ACCESSWIRE / October 17, 2016 / Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Ferrellgas Partners, L.P. ("Ferrellgas" or the "Company") (NYSE: FGP) in the United States District Court for the Southern District of New York. The class action is on behalf of a class consisting of all persons or entities who purchased Ferrellgas securities between June 1, 2015 through September 28, 2016, inclusive (the "Class Period").
Investors who have incurred losses in Ferrellgas Partners L.P. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may also review the filed complaint and obtain additional information concerning the action on our website, www.whafh.com.
If you purchased securities of Ferrellgas you may, no later than December 5, 2016, request that the Court appoint you lead plaintiff of the proposed class.
The filed Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company's propane sales were declining; (2) that the Company's midstream logistics business was being negatively impacted by low crude oil prices; (3) that, as such, the Company's Adjusted EBITDA would fall below the Company's projections; (4) that the Company was becoming more and more leveraged; (5) that, in response, the Company would need to obtain an amendment under the secured credit facility and accounts receivable securitization facility to increase the maximum leverage ratio to a range of 5.95x to 6.05x; (6) that, as a result of the foregoing, the Company would likely need to reduce its dividend; and (7) that, as a result of the foregoing, Defendants' statements about Ferrellgas's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
According to the Complaint, on September 28, 2016 Ferrellgas announced that a fiscal year 2016 net loss of approximately $665 million, despite its net profit of $29 million for fiscal year 2015. Ferrellgas also announced the immediate resignation President, CEO and Director Stephen Warnbold. 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, Ferrellgas stock dropped $3.50 per share, or over 21%, to close on September 28, 2016 at $13.00, on unusually high trading volume. The following day, Ferrellgas stock dropped another $1.23 per share, to close on September 29, 2016 at $11.77.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP
ReleaseID: 447202
