LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Dynagas LNG Partners LP (“Dynagas” or “the Company”) (NYSE: DLNG, DLNG-PA, DLNG-PB) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Dynagas issued a press release on November 15, 2018, disclosing that two of its vessels would enter extended charter contracts, but that these charters would be at “lower rates compared with the previous charter contracts.” Shares of Dynagas fell 13.7% the next day. Then the Company announced on January 25, 2019, that it would cut its quarterly distribution by 75%. The Company’s stated reason for cutting the distribution was that it was “necessary in order to retain more of the cash generated from the Partnership’s long term contracts to maintain a steady cash balance.” Shares of Dynagas fell by 2.6% on January 28, 2019, on this news.
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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.
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