NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Dynagas LNG Partners LP ("Dynagas" or the "Company")(NYSE: DLNG, DLNG-PA, DLNG-PB) of the July 16, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Dynagas stock or options between February 16, 2018 and March 21, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/DLNG. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Dynagas securities between February 16, 2018 and March 21, 2019 (the "Class Period"). The case, Epelbaum v. Dynagas LNG Partners LP et al., No. 19-cv-04512 was filed on May 16, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the fact that its revenue derived from two of its key long-term contracts had been severely diminished and that the Company had outright lied about its ability to continue to make substantial distributions to shareholders based on its current cash flow profile.
On November 15, 2018, the Company disclosed lower earnings in the third quarter of 2018 due, in part, to the less favorable terms under which the Arctic Aurora and the Ob River tanker ships were now operating. On a public conference call the following morning Dynagas' Chief Financial Officer, Michael Gregos, declined to answer a question about the future of its quarterly distributions.
On this news, Dynagas's share price fell from $7.76 per share on November 15, 2019 to a closing price of $6.69 on November 16, 2018: a $1.07 or a 13.79% drop.
On January 25, 2019, Dynagas announced that it would pay a reduced quarterly distribution of only 6.25 cents per share of common stock, a reduction of 75% from the prior quarterly distribution of 25 cents per share.
On this news, Dynagas's share price fell from $4.02 per share on January 25, 2019 to a closing price of $2.91 on January 28, 2019: a $1.11 or a 27.61% drop.
On March 22, 2019, Gregos revealed that he had known since at least April 2018 that the quarterly distribution could only be maintained through the issuance of new equity, and only if certain market conditions improved.
The complaint alleges that Dynagas’s stock closed at $2.38 per share on March 22, 2019, down 8.6% from its close on the previous day.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Dynagas's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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