NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased or otherwise acquired StoneMor Partners, L.P. (NYSE:STON) securities between January 19, 2012 and October 27, 2016 (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or 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 that: (1) the Company’s reported non-GAAP financial metrics were materially misleading and concealed the truth about the Company’s actual financial condition and (2) the primary purpose of the Company’s regular debt and equity offerings was to pay distributions to unitholders rather than to pay down indebtedness under the Company’s revolving credit facility as publicly stated. As a result, StoneMor’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis throughout the Class Period.
On September 2, 2016, StoneMor disclosed that it intended to restate its financial statements for the years ended December 31, 2013 through 2015 and the quarters ended March 31, 2016 and June 30, 2016 “to correct certain accounting errors.” Then, on October 27, 2016, post-market, StoneMor announced a quarterly cash distribution of only $0.33 per common unit – a 50% reduction from the prior quarter’s cash distribution. Following this news, StoneMor shares declined $11.08 per share on October 28, 2016.
If you purchased or otherwise acquired StoneMor securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information, please go to www.bespc.com.