BENSALEM, Pa.–(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;–Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors who purchased 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.
Investors suffering losses on their Dynagas investments are encouraged
to contact the Law Offices of Howard G. Smith to discuss their legal
rights in this class action at 888-638-4847 or by email to [email protected].
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.
If you purchased shares of Dynagas 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 Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
