A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units (NSLP-PA) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on October 10, 2017 and NSLP-PA investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/20/2017 -- A deadline is coming up on October 10, 2017 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units (NSLP-PA) pursuant and/or traceable to its May 5, 2015 offering of the Units prior to the commencement of this Action on October 21, 2015.
Investors who purchased a significant amount of shares of New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units (NSLP-PA) pursuant and/or traceable to its May 5, 2015 offering of the Units prior to the commencement of this Action on October 21, 2015, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the New Source Energy Partners L.P. Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/new-source-energy-partners-lp-11-series-cumulative-convertible-preferred-units-nslp-pa-investor
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is October 10, 2017. The class action administrator for this case is Strategic Claims Services.
The lawsuit was originally filed in the U.S. District Court for the Southern District of New York against New Source Energy Partners L.P., the underwriters of the New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units issued pursuant to the Offering Documents, and certain Individual Defendants over alleged securities laws violations.
According to the complaint the plaintiff alleges on behalf of investors who purchased New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units (NYSE: NSLP-PA) pursuant and/or traceable to Registration Statements, Prospectuses, and Prospectus Supplements filed with the Securities and Exchange Commission, that the defendants violated the Sections 11, 12(2), and 15 of the Securities Act of 1933 by making misleading statements and omissions in the Offering Documents.
On May 5, 2015, New Source Energy Partners L.P initially priced 1.76 million units of the 11% Series A Cumulative Convertible Preferred Units at $25.00 per unit through underwriters Stifel, Nicolaus & Company, Robert W. Baird & Co., Janney Montgomery Scott, Oppenheimer & Co. and Wunderlich Securities.
On September 28, 2015, prior to the commencement of trading, New Source Energy Partners L.P. announced that due to a pending borrowing base deficiency under its revolving credit facility, it would be prevented from paying the quarterly cash distribution on its 11% Series A Cumulative Convertible Preferred units.
The plaintiff claims that as a result of this disclosure, the price of the publicly traded New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units closed at $2.18, down $3.62 on the day.
New Source Energy Partners is engaged in the development and production of onshore oil and natural gas properties.
Those who purchased shares of New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units (NSLP-PA) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com