LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) consisting of persons and entities that acquired Ferrellgas Partners, L.P. (“Ferrellgas” or the “Company”) (NYSE: FGP) securities between June 1, 2015, and September 28, 2016, inclusive (the “Class Period”).
If you are a member of the Class described above, you may move the Court no later than December 5, 2016, to serve as lead plaintiff. Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at firstname.lastname@example.org to discuss this matter.
The complaint filed in this action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company’s propane sales were declining; (2) that the Company’s midstream logistics business was being negatively impacted by low crude oil prices; (3) that, as such, the Company’s Adjusted EBITDA would fall below the Company’s projections; (4) that the Company was becoming more and more leveraged; (5) that, in response, the Company would need to obtain an amendment under the secured credit facility and accounts receivable securitization facility to increase the maximum leverage ratio to a range of 5.95x to 6.05x; (6) that, as a result of the foregoing, the Company would likely need to reduce its dividend; and (7) that, as a result of the foregoing, Defendants’ statements about Ferrellgas’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
If you purchased shares of Ferrellgas during the Class Period you may move the Court no later than December 5, 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 Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at 310-201-9150, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com.
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