WASHINGTON--(BUSINESS WIRE)--
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether StoneMor Partners, L.P. (“StoneMor” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Eastern District of Pennsylvania by another law firm on behalf of purchasers of units of StoneMor Partners, L.P. (NYSE: STON) between January 19, 2012 and October 27, 2016, inclusive (the “Class Period”).
The complaint alleges that StoneMor Partners, L.P. and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) StoneMor used proceeds from debt offerings and equity issuances to pay distributions and not to pay down indebtedness under the Company's revolving credit facility, while simultaneously assuring investors that its "profit" distributions were safe based on the Company's manufactured and misleading non-GAAP financials; and (2) when the Company's access to the capital and debt markets dried up, StoneMor was forced to cut its distribution in half, damaging the Class.
The claims in this case followed StoneMor’s announcements that it would cut its quarterly distribution to unit holders by half, restate financials, and cease using Adjusted EBITDA as a performance metric. The Class Period ends on October 27, 2016, when StoneMor announced the distribution reduction. The price of StoneMor units fell from $24.82 on October 27 to $13.74 on October 28.
Cohen Milstein encourages all investors who purchased StoneMor units between January 19, 2012 and October 27, 2016, or former employees with information concerning this matter to contact the firm.
If you are a StoneMor investor and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at [email protected]. If you wish to serve as lead plaintiff, you must move the Court no later than January 20, 2017, to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Ryan Marchbank
Cohen Milstein Sellers &
Toll PLLC
1100 New York Avenue, N.W.
Suite 500 East
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
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