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Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of StoneMor Partners L.P. Investors and Encourages Investors to Contact the Firm(January 11, 2017)
LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (?GPM) announces that a class action lawsuit has been filed on behalf of investors who purchased StoneMor Partners L.P. (?StoneMor or the ?Company) (NYSE: STON) securities between January 19, 2012 and October 27, 2016, inclusive (the ?Class Period). StoneMor investors have until January 20, 2017 to file a lead plaintiff motion.
Investors suffering losses on their StoneMor investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
According to the complaint filed in this class action, during the Class Period StoneMor made false and 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 true financial condition; that the main purpose of StoneMor's regular debt and equity offerings were to pay distributions to unitholders instead of pay down indebtedness under the Company's revolving credit facility as publicly stated; and that as a result of the above stated, the Company'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 disclosed that it would restate its financials to correct numerous mistakes. Shortly thereafter, on October 27, 2016, StoneMor reduced its quarterly cash distribution by 50%, and on October 28, 2016 StoneMor's share price fell over 44%.
Then on November 9, 2016, StoneMor announced that it would also be amending its Form 10-K for the fiscal year ended December 31, 2015, as well as its Forms 10-Q for the quarters ended on June 30, 2016 and March 31, 2016. On this news, shares of StoneMor fell over 5% to close at just $8.57 per share on November 9, 2016, thereby injuring investors.
If you purchased shares of StoneMor during the Class Period you may move the Court no later than January 20, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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