San Diego, CA -- (SBWIRE) -- 11/29/2016 -- An investor, who purchased units of StoneMor Partners L.P. (NYSE:STON), filed a lawsuit in Pennsylvania over alleged violations of Federal Securities Laws by StoneMor Partners L.P. in connection with certain allegedly false and misleading statement.
Investors who purchased units of StoneMor Partners L.P. (NYSE:STON) have certain options and for certain investors are short and strict deadlines running. Deadline: January 20, 2017. NYSE:STON investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of StoneMor Partners L.P. (NYSE:STON) units between January 19, 2012 and October 27, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 19, 2012 and October 27, 2016 StoneMor Partners L.P. and certain of its executive officers made false and/or misleading statements and/or failed to disclose that the Company's reported non-GAAP financial metrics were materially misleading and concealed the truth about the Company's actual financial condition, and that the primary purpose of the Company's regular debt and equity offerings was to pay distributions to unitholders rather than to pay down indebtedness under the Company's revolving credit facility as publicly stated.
The complaint further alleges that, as a result of the foregoing, 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 Partners L.P. disclosed that it intended to restate its consolidated financial statements "to correct certain accounting errors."
On October 27, 2016, StoneMor Partners L.P. announced a quarterly cash distribution of $0.33 per common unit – a 50% reduction from the prior quarter's cash distribution.
Units of StoneMor Partners L.P. (NYSE:STON) dropped from $25.14 per unit on October 27, 2016 to as low as $12.20 per unit on November 1, 2016.
Those who purchased units of StoneMor Partners L.P. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego