STEVENSON, Md., Nov. 30, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Ferrellgas Partners, L.P. (NYSE: FGP ) (“Ferrellgas Partners” or the “Company”) securities expanding the class period to March 11, 2015 and September 28, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until December 5, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Ferrellgas Partners securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s propane sales were declining, its midstream logistics business was being negatively impacted by low crude oil prices, the Company’s Adjusted EBITDA would fall below the Company’s projections, and the Company was becoming more and more leveraged, and that, in response, the Company would need to obtain an amendment under its secured credit facility and accounts receivable securitization facility to increase the maximum leverage ratio, which would likely cause the Company to reduce its dividend.
According to the complaint, following a September 28, 2016 announcement disclosing that the Company’s President and Chief Executive Officer has stepped down, the Company had a net loss for fiscal 2016 due to lower propane sales and low oil prices, the Company’s leverage levels have increased and are approaching the limit under its credit facility, the Company had obtained an amendment to its credit facility, and that the Company was considering reducing its dividends, the value of Ferrellgas Partners shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Ferrellgas Partners securities purchased on or after June 1, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
