SAN FRANCISCO, Jan. 9, 2017 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP reminds investors in StoneMor Partners, L.P. (NYSE: STON) of the January 20, 2017 Lead Plaintiff deadline in the accounting restatement securities class action lawsuit.
If you purchased or otherwise acquired StoneMor common units between January 19, 2012 and October 27, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing STON@hbsslaw.com.
StoneMor disclosed on October 27, 2016 that investors should not rely on the Company's financial statements issued between 2013 and the second quarter of 2016. The Company also slashed its quarterly distribution to common unit investors by 50%. This news drove the price of StoneMor units down nearly 45% to close at $13.74 on October 28, 2016.
Then, on October 31, 2016, SeekingAlpha published a report which concluded STON issued dilutive stock to new investors to pay old investors.
On November 9, 2016, StoneMor restated its 2014 and 2015 annual financial statements and certain interim financial reports. The Company's CFO (Seth McGrath) commented, "These additional adjustments consist of consolidated balance sheet reclassifications, clean-up of prior period entries that were previously determined to be immaterial to the financial statements, and other historical entries that relate to the GAAP recognition of customer contracts and the related obligations rather than generation of customer billings and related non-GAAP costs…" Further, "we will no longer be able to provide Adjusted EBITDA as a performance metric within future earnings releases."
"We're investigating StoneMor's improper accounting, its use of non-GAAP financial metrics, and the source of funds distributed to investors," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding StoneMor should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email STON@hbsslaw.com.
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SOURCE Hagens Berman Sobol Shapiro LLP