Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Ferrellgas Partners, L.P. (NYSE: FGP) (“Ferrellgas” or the “Company”) securities between June 1, 2015, and September 28, 2016, both dates inclusive (the “Class Period”).
Ferrellgas investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Ferrellgas distributes and sells propane and related equipment and supplies primarily in the United States. The Company transports propane to distribution locations, to tanks on customer’s premises, or to portable propane tanks delivered to retailers.
On September 28, 2016, Ferrellgas announced that its Chief Executive Officer (“CEO”) had “stepped down,” effective immediately. Also on September 28, 2016, Ferrellgas reported its financial and operational results for Fiscal 2016 (ended July 31, 2016). For Fiscal 2016 the Company reported a net loss of $665 million, driven by impairment charges of over $658 million on certain assets.
Additionally, Ferrellgas reported that “it is possible that the annual distribution rate may be reduced from $2.05 to approximately $1.00 per common unit” in order to reduce the Company’s debt and leverage ratio.
Following this news, shares of the Company’s stock declined $3.50 per share, or over 21%, to close on September 28, 2016 at $13.00 per share, on heavy trading volume. The following day the Company’s shares declined an additional $1.23 per share, to close on September 29, 2016 at $11.77 per share.
If you are a member of the class described above, you may no later than December 5, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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