StoneMor investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, StoneMor is the second largest owner and operator of cemeteries and funeral homes in the US. As a limited partnership, StoneMor makes quarterly distribution payments to its unitholders.
The complaint alleges that, throughout the Class Period, StoneMor and certain of its executive officers made false and/or misleading statements and/or failed to disclose: (1) that the Company's reported non-GAAP financial metrics were materially misleading and concealed the truth about the Company's actual financial condition; and (2) that the primary purpose of the Company's regular debt and equity offerings was to pay distributions to unitholders rather than to pay down indebtedness under the Company's revolving credit facility as publicly stated.
The complaint further alleges that, as a result of the foregoing, StoneMor's statements about its business, operations and prospects were false and misleading and/or lacked a reasonable basis at all relevant times.
As further detailed in the complaint, on September 2, 2016, StoneMor disclosed that it intended to restate its consolidated financial statements "to correct certain accounting errors."
On October 27, 2016, StoneMor announced a quarterly cash distribution of $0.33 per common unit - a 50% reduction from the prior quarter's cash distribution. Following this news, shares of the Company's common units fell $11.08 per share, or nearly 45%, to close on October 28, 2016 at $13.74 per common unit, on heavy trading volume.
If you are a member of the class described above, you may no later than January 20, 2017 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 info@ktmc.com.
CONTACT:
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
Or by e-mail at info@ktmc.com