LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC (the “Firm”) announces a class action lawsuit has been filed against Ferrellgas Partners LP (“Ferrellgas” or the “Company”) (NYSE: FGP) concerning possible violations of federal securities laws between June 1, 2015 and September 28, 2016 (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm by the December 5, 2016 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent 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 news was disclosed to the public, shares of Ferrellgas decreased in value.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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