LOS ANGELES–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24DLNG&src=ctag” target=”_blank”gt;$DLNGlt;/agt; lt;a href=”https://twitter.com/hashtag/CLASSACTION?src=hash” target=”_blank”gt;#CLASSACTIONlt;/agt;–Glancy
Prongay & Murray LLP (“GPM”), a national investors rights law
firm, announces that a class action lawsuit has been filed on behalf of
investors that acquired Dynagas LNG Partners LP (“Dynagas” or the
“Company”) (NYSE: DLNG)
securities between February 16, 2018 and March 21, 2019, inclusive
(the “Class Period”). Dynagas investors have until July 16, 2019 to
file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here
to participate.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, at
310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected],
or visit our website at www.glancylaw.com.
On November 15, 2018, the Company announced that two of its vessels
entered extended charter contracts at lower rates compared with prior
charter contracts.
On this news, the Company’s share price fell $1.07, more than 13%, to
close at $6.69 on November 16, 2018, thereby injuring investors.
Then, on January 25, 2019, the Company announced a 75% cut to its global
distribution “in order to retain more of the cash generated from the
Partnership’s long term contracts to maintain a steady cash balance.”
On this news, the Company’s share price fell $1.11, more than 27%, to
close at $2.91 on January 28, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) that the Company’s new
three year charter agreement with Statoil was not a continuation of its
current contract but a new agreement with reduced revenue; (2) that, as
a result of the reduced revenue, the Company’s distribution was not
sustainable; (3) the Company’s ability to generate cash flow long term
did not support its distribution levels; and (4) as a result, the
Company’s public statements were materially false and misleading at all
relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Dynagas during the Class Period you may move
the Court no later than July 16, 2019 to ask the Court
to appoint you as lead plaintiff. To be a member of the Class you need
not take any action at this time; you may retain counsel of your choice
or take no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century
Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to [email protected],
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
