INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Dynagas LNG Partners LP Investors (DLNG)
BENSALEM, Pa.--(BUSINESS WIRE)--May 20, 2019--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Dynagas LNG Partners LP (“Dynagas” or the “Company”) (NYSE: DLNG ) securities between February 16, 2018 and March 21, 2019, inclusive (the “Class Period”). Dynagas investors have until July 16, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Dynagas investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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 $1.11, more than 27%, to close at $2.91 on January 28, 2019, thereby injuring investors further.
The complaint filed in this class action 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: (1) 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; (2) that, as a result of the reduced revenue, the Company’s distribution was not sustainable; (3) the Company’s ability to generate cash flow long term did not support its distribution levels; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Dynagas 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190520005829/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2019.
PUB: 05/20/2019 08:30 PM/DISC: 05/20/2019 08:30 PM