RADNOR, Pa., Nov. 22, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit has been filed against StoneMor Partners, L.P. (NYSE :STON ) ("StoneMor" or the "Company") on behalf of purchasers of the Company's securities between January 19, 2012 and October 27, 2016, inclusive (the "Class Period").
Investors who purchased StoneMor securities during the Class Period may, no later than January 20, 2017, petition the Court to be designated as a lead plaintiff representative of the class. StoneMor investors 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.
StoneMor is the second largest owner and operator of cemeteries and funeral homes in the US. As a limited partnership, StoneMor makes quarterly distribution payments to its unitholders.
The complaint alleges that, throughout the Class Period, StoneMor and certain of its executive officers made false and/or misleading statements and/or failed to disclose: (1) that the Company's reported non-GAAP financial metrics were materially misleading and concealed the truth about the Company's actual financial condition; and (2) that the primary purpose of the Company's regular debt and equity offerings was to pay distributions to unitholders rather than to pay down indebtedness under the Company's revolving credit facility as publicly stated. The complaint further alleges that, as a result of the foregoing, StoneMor's statements about its business, operations and prospects were false and misleading and/or lacked a reasonable basis at all relevant times.
As further detailed in the complaint, on September 2, 2016, StoneMor disclosed that it intended to restate its consolidated financial statements "to correct certain accounting errors." On October 27, 2016, StoneMor announced a quarterly cash distribution of $0.33 per common unit – a 50% reduction from the prior quarter's cash distribution. Following this news, shares of the Company's common units fell $11.08 per share, or nearly 45%, to close on October 28, 2016 at $13.74 per common unit, on heavy trading volume.
StoneMor investors may, no later than January 20, 2017, petition the Court to be designated 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.
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
(888) 299 - 7706
(610) 667 - 7706
SOURCE Kessler Topaz Meltzer & Check, LLP