NEW YORK, Aug. 2, 2021 /PRNewswire/ -- Prominent investor rights law firm Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") is investigating potential violations of the federal securities laws by Höegh LNG Partners LP ("Höegh" or the "Company") (NYSE: HMLP).
Höegh is a global company that owns a fleet of ships that provide services to the liquefied natural gas ("LNG") industry world-wide. Specifically, the Company owns and operates floating LNG import terminals and floating storage and regasification units ("FSRU"). The Company also purports to be one of the most experienced operators of LNG carriers.
BLB&G's investigation is focused on whether Höegh misled investors about the adequacy of its capital and finances.
On July 27, 2021, after the market closed, Höegh announced that it had slashed its quarterly common unit distribution by 98% in order to preserve cash to address near-term refinancing issues. Specifically, Höegh disclosed the collapse of the Company's refinancing plans for its FSRU facility off the coast of Indonesia, after the charterer of the vessel challenged the Company's new credit facility and the charter agreement with Höegh and announced its intent to commence arbitration to terminate the charter and/or seek damages from the Company. Höegh also announced that its parent company, Höegh LNG Holdings, will no longer provide financial support to the Company. On this news, Höegh's stock price declined $11.57 per share, or approximately 65%.
The investigation is being led by BLB&G partners Avi Josefson and Scott R. Foglietta. If you have information that could assist in this investigation as a past employee or other interested party, or if you are a Höegh investor who suffered a loss and would like to learn more about our investigation, please contact BLB&G at (212) 554-4444, via e-mail at inquiries@blbglaw.com, or through the form on our website at https://www.blbglaw.com/cases-investigations/hoegh-lg-partners-investigation.
About BLB&G
BLB&G is widely recognized worldwide as a leading law firm advising institutional investors on issues related to corporate governance, shareholder rights, and securities litigation. Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity and pioneered the use of the litigation process to achieve precedent-setting governance reforms. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering over $33 billion on behalf of defrauded investors. More information about the firm can be found online at www.blbglaw.com.
This press release may be considered Attorney Advertising under the applicable law and ethics rules of some jurisdictions. Prior results do not guarantee a similar outcome.
Contact
Avi Josefson
Scott R. Foglietta
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
New York, New York 10020
(212)554-4444
inquiries@blbglaw.com
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SOURCE Bernstein Litowitz Berger & Grossmann LLP
