A lawsuit was filed on behalf of investors in New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units (NSLP-PA) units over alleged securities laws violations and New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/04/2016 -- A shareholder who purchased units of New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units (NSLP-PA), filed a lawsuit 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 11% Series A Cumulative Convertible Preferred Units issued pursuant to the Offering Documents, and certain Individual Defendants over alleged securities laws violations.
Investors who purchased a significant amount of New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units (NSLP-PA), have certain options and for certain investors are short and strict deadlines running. Deadline: January 25, 2015. New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges on behalf of investors who purchased New Source Energy Partners 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.
Those who purchased 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