Ferrellgas shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at firstname.lastname@example.org.
Ferrellgas distributes and sells propane and related equipment and supplies primarily in the United States. The Company transports propane to distribution locations, to tanks on customer's premises, or to portable propane tanks delivered to retailers.
On September 28, 2016, Ferrellgas announced that its Chief Executive Officer ("CEO") had "stepped down," effective immediately. Also on September 28, 2016, Ferrellgas reported its financial and operational results for Fiscal 2016 (ended July 31, 2016). For Fiscal 2016 the Company reported a net loss of $665 million, driven by impairment charges of over $658 million on certain assets. Additionally, Ferrellgas reported that "it is possible that the annual distribution rate may be reduced from $2.05 to approximately $1.00 per common unit" in order to reduce the Company's debt and leverage ratio.
Following this news, shares of the Company's stock declined $3.50 per share, or over 21%, to close on September 28, 2016 at $13.00 per share, on heavy trading volume. The following day the Company's shares declined an additional $1.23 per share, to close on September 29, 2016 at $11.77 per share.
Ferrellgas shareholders may, no later than December 5, 2016, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/ferrellgas-partners-lp#join.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-class-action-filed-against-ferrellgas-partners-lp---fgp-300341475.html
SOURCE Kessler Topaz Meltzer & Check, LLP