Dynagas LNG Partners LP
| Company Name | Dynagas LNG Partners LP |
| Stock Symbol | DLNG |
| Class Period | February 16, 2018 to March 21, 2019 |
| Lead Plaintiff Motion Deadline | July 16, 2019 |
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.
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