NEW YORK, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against StoneMor Partners, L.P. (“StoneMor” or the “Company”) (NYSE: STON ) in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of common stock of StoneMor between January 19, 2012 through October 27, 2016 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
Pursuant to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s reported non-GAAP financial metrics were materially misleading and concealed the truth about the Company’s actual financial condition; and (2) 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 on September 2, 2016 the Company disclosed that it intended to restate its consolidated financial statements “to correct certain accounting errors.”
On October 27, 2016, the Company 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.
If you wish to serve as lead plaintiff, you must move the Court no later than January 20, 2017 . A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com .
Please visit our website at http://www.gme-law.com for more information about the firm.
