BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming July 16, 2019 deadline to file a lead plaintiff motion in the class action 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”).
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 howardsmith@howardsmithlaw.com.
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 during the Class Period you may move the Court no later than July 16, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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