BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased New Source Energy Partners L.P. ("New Source" or the "Company") 11% Series A Cumulative Convertible Preferred Units (the “Units”) (NYSE: NSLP-PA) (Other OTC: NSLP). Injured investors in New Source securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action.
New Source Series A Preferred Units have significantly declined since the offering, thereby damaging investors. The investigation concerns whether the Company improperly failed to disclose on-going cash flow problems in its offering materials.
The lawsuit alleges that the prospectus issued in connection with the initial public offering of the Units failed to disclose New Source Energy Partners’ on-going cash flow problems, which seriously jeopardized New Source Energy Partners as a going concern. When the details of the company’s cash flow problems entered the market, the price of New Source Energy Partners L.P. 11% Series A Cumulative Convertible Preferred Units declined and investors suffered damages.
If you purchased New Source securities during the Class Period you may move the Court no later than January 25, 2016 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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