DYNAGAS LNG PARTNERS LP INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Dynagas LNG Partners LP
NEW YORK, May 22, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that acquired Dynagas LNG Partners LP (“Dynagas” or the “Company”) (NYSE: DLNG) securities between February 16, 2018 and March 21, 2019, inclusive (the “Class Period”).
Investors who purchased the shares of Dynagas LNG Partners LP are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Dynagas LNG Partners LP, you may, no later than July 15, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Dynagas LNG Partners LP.
The filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:
-- that the Company’s new three year charter agreement with Statoil was not a continuation of its current contract but a new agreement with reduced revenue; -- that, as a result of the reduced revenue, the Company’s distribution was not sustainable; -- the Company’s ability to generate cash flow long term did not support its distribution levels; and -- as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 15, 2018, the Company announced that two of its vessels entered extended charter contracts at lower rates compared with prior charter contracts. On this news, the Company’s share price fell $1.07, more than 13%, to close at $6.69 on November 16, 2018, thereby injuring investors. Then, on January 25, 2019, the Company announced a 75% cut to its global distribution “in order to retain more of the cash generated from the Partnership’s long term contracts to maintain a steady cash balance.” On this news, the Company’s share price fell an additional $1.11, more than 27%, to close at $2.91 on January 28, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP 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 by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq.Gregory Stone, Director of Case and Financial AnalysisEmail: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org Tel: (800) 575-0735 or (212) 545-4774
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