NEW YORK, Oct. 07, 2016 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ferrellgas Partners LP (“Ferrellgas” or the “Company”) (NYSE:FGP) of the December 5, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Ferrellgas securities between June 1, 2015 and September 28, 2016 (the “Class Period”). The case, Hansen v. Ferrellgas Partners, L.P. et al, No. 1:16-cv-07840 was filed on October 6, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose: (1) the Company’s propane sales were declining; (2) the Company’s midstream logistics business was being adversely impacted by low crude oil prices; (3) the Company’s Adjusted EBITDA would fall below Company projections; (4) the Company was becoming increasingly more leveraged and would need to obtain an amendment under the secured credit facility and accounts receivable securitization facility to increase the maximum leverage ratio; (5) the Company would likely need to reduce its dividend; and (6) as a result, Ferrellgas’ statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Specifically, on September 28, 2016, the Company announced that Stephen L. Wambold, its President, Chief Executive Officer and member of the Board, had resigned. In addition, the Company issued a press release (“PR”) entitled “Ferrellgas Partners, L.P. Reports Fiscal 2016 Earnings.” The PR revealed, among other things, that the Company suffered a net loss of $665.4 million in fiscal year 2016, compared to net earnings of $29.6 million in fiscal year 2015.
On this news, Ferrellgas’ share price fell from $16.50 per share on September 27, 2016 to a closing price of $13.00 on September 28, 2016—a $3.50 or a 21.21% drop. Additionally, the Company’s share price continued to decline through October 4, 2016.
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If you invested in Ferrellgas common stock or options between June 1, 2015 and September 28, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/FGP. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ferrellgas’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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