NEW YORK, Dec. 02, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against StoneMor Partners L.P. (“StoneMor” or the “Company”) (NYSE: STON ) and certain of its officers. The class action, filed in United States District Court, Eastern District of Pennsylvania, and docketed under 16-cv-06275, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired StoneMor securities between January 19, 2012 and October 27, 2016, both dates inclusive (the “Class Period”), seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased StoneMor securities during the Class Period, you have until January 20, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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StoneMor together with its subsidiaries, owns and operates cemeteries in the United States. It operates through two segments, Cemetery Operations and Funeral Homes.
The 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 made false and/or misleading statements and/or failed to disclose that: (1) that the Company's reported non-GAAP financial metrics were materially misleading and concealed the truth about the Company's actual financial condition; and (2) that the primary purpose of the Company's regular debt and equity offerings were to pay distributions to unitholders rather than to pay down indebtedness under the Company's revolving credit facility as publicly stated. As a result, StoneMor's statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis at all relevant times.
On September 2, 2016, StoneMor announced that it would restate its financials to correct various errors.
On October 27, 2016, after the market closed, the Company issued a press release announcing a quarterly cash distribution of $0.33 per common unit for the third quarter of 2016 — a 50% reduction over the previous quarter (the “October 27 Press Release”).
On this news, StoneMor’s share price fell $11.08, or 44.64%, to close at $13.74 on October 28, 2016.
On November 9, 2016, StoneMor announced the need to “amend its Form 10-K for [the] fiscal year ended December 31, 2015, and its Forms 10-Q for the quarterly periods ended June 30, 2016 and March 31, 2016.”
On this news, StoneMor’s share price fell $0.46, or 5.09%, to close at $8.57 on November 9, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
