NEW YORK, Jan. 05, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities that purchased StoneMor Partners L.P. ("StoneMor" or the "Company") (NYSE: STON ) common units between January 19, 2012 and October 27, 2016, inclusive (the "Class Period"). Units purchased in the open-market or traceable to the secondary offerings issued in May 2014, July 2015 and/or April 2016 are part of the class.
Investors who have incurred losses in StoneMor Partners L.P . units are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may also review the filed complaint and obtain additional information concerning the action on our website, www.whafh.com.
If you purchased the common units of StoneMor Partners L.P . within the class period and suffered losses, you may, no later than January 20, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
StoneMor Partners L.P. operates cemeteries in the United States, primarily along the East Coast. The Company owns various cemeteries and operates others through management agreements. StoneMor sells burial lots, lawn and mausoleum crypts, cremation niches, and perpetual care.
According to the filed Complaint, StoneMor made false and misleading statements and/or failed to disclose during the Class Period: (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 October 27, 2016, StoneMor shocked investors when it announced a “temporary” 50% reduction in its quarterly cash distribution to $0.33 per share and that third quarter sales goals “meaningfully lagged our expectations.” On the resumption of trading on October 28, 2016, the units closed at $13.74, a decline of $11.08 per unit.
Wolf Haldenstein 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 Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com , k cooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
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