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SAN FRANCISCO, Sept. 30, 2016 -- Hagens Berman Sobol Shapiro LLP alerts investors in Ferrellgas Partners to the firm’s investigation into possible securities law violations by the Company and its executives.
If you purchased or otherwise acquired units of Ferrellgas before September 28, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/FGP
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
On September 28, 2016, Ferrellgas’ unit price fell over 21%. During the morning, the Company announced its net loss for fiscal 2016 was approximately $665 million. That loss compares to the Company’s fiscal 2015 net profit of approximately $29 million.
In addition, Ferrellgas’ President, CEO and Director Stephen L. Warnbold abruptly resigned immediately. Ferrellgas provided no explanation.
The Company explained its enormous loss as mainly attributable to impairments on an $822 million acquisition it closed during June 2015. As of June 24, 2016 the Company finally computed the final calculations for how to account for the acquisition. Just over three months later, Ferrellgas explained in its 2016 Form 10-K that it recorded approximately $620 million in impairment charges mostly concerning the year-earlier acquisition.
This news drove the Company’s unit price down over 21% to close at $13.00 per unit on September 28, 2016. Nearly 6.4 million shares traded, or almost 16 times the average 10 day trading volume for the units.
“Ferrellgas disclosed how it allocated and accounted for last year’s very large acquisition only about three months ago. We’re looking at the facts that obviously inflicted damage on investors,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Ferrellgas should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email. [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
