LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC (the “Firm”) announces a class action lawsuit has been filed against Ferrellgas Partners LP (“Ferrellgas” or the “Company”) (NYSE: FGP). Investors who purchased or otherwise acquired shares between June 1, 2015 and September 28, 2016 (the “Class Period”), are encouraged to contact the Firm in advance of the December 5, 2016 lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here to participate. In addition, we advise you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights without cost to you. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The complaint alleges that during the Class Period, Ferrellgas made false and/or misleading statements and/or failed to disclose: that its propane sales were declining; that the Company’s midstream logistics business was being negatively affected by lower crude oil prices; that Ferrellgas’ Adjusted EBITDA would fall below its projections; that the Company was becoming increasingly leveraged and 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 - 6.05x; that Ferrellgas would likely need to reduce its dividend; and that as a result of the above, 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 28, 2016, Ferrellgas announced that had a net loss for fiscal 2016 of approximately $665 million, whereas it had a net profit of $29 million for fiscal 2015. Also, the Company’s President, CEO and Director Stephen Warnbold resigned immediately. When this news was announced, shares of Ferrellgas dropped in value sharply, causing investors harm.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.