An investor in NYSE:FGP units filed a lawsuit over alleged violations of Federal Securities Laws by Ferrellgas Partners, L.P. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Ferrellgas Partners, L.P. (NYSE:FGP) have certain options and for certain investors are short and strict deadlines running. Deadline: December 5, 2016. NYSE:FGP investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff claims that between June 1, 2015, and September 28, 2016 the Defendants made false and/or misleading statements and/or failed to disclose) that the Company’s propane sales were declining, that the Company’s midstream logistics business was being negatively impacted by low crude oil prices, that, as such, the Company’s Adjusted EBITDA would fall below the Company’s projections, that the Company was becoming more and more leveraged; (5) that, in response, the Company would need to obtain an amendment under the secured credit facility and accounts receivable securitization facility to increase the maximum leverage ratio to a range of 5.95x to 6.05x, that, as a result of the foregoing, the Company would likely need to reduce its dividend, and that, as a result of the foregoing, Defendants’ statements about Ferrellgas’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On September 28, 2016, Ferrellgas Partners, L.P. reported financial results for the full fiscal year ended July 31, 2016. Ferrellgas Partners, L.P. reported that its Total Revenue rose from over $2.024 billion for the 12 months period that ended on July 31, 2015 to over $2.039 billion for the 12 months period that ended on July 31, 2016, while its Net Income of $29.32 million for the 12 months period that ended on July 31, 2015 declined to a Net loss of $665.41 million for the 12 months period that ended on July 31, 2016. In addition, Ferrellgas Partners announced that Stephen L. Wambold, the Company’s President and Chief Executive Officer, had resigned effective immediately. Shares of Ferrellgas Partners, L.P. (NYSE:FGP) declined from $17.41 per share on September 20, 2016 to as low as $9.12 per share on October 4, 2016.
Those who purchased NYSE:FGP shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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