IRVINE, Calif.--(BUSINESS WIRE)--Khang & Khang LLP (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 inclusive (the “Class Period”), are encouraged to contact the Firm by the December 5, 2016 lead plaintiff motion deadline.
If you purchased shares of Ferrellgas during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at firstname.lastname@example.org.
There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the complaint, 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 they 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 information was released, shares of Ferrellgas fell in value sharply, causing investors harm.
If you wish to learn more about this lawsuit, or if you have questions regarding this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at email@example.com.
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