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SAN FRANCISCO, Dec. 01, 2016 -- Hagens Berman Sobol Shapiro LLP alerts investors in StoneMor Partners, L.P. (NYSE:STON) to the securities class action filed in the U.S. District Court for the Eastern District of Pennsylvania and the January 20, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired StoneMor common units between January 19, 2012 and October 27, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/STON
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
On September 2, 2016, StoneMor announced that investors should no longer rely on the Company’s public financial statements issued between 2013 and the Company’s second quarter of 2016. The Company plans to restate financials after improperly allocating net losses to its General Partner.
On October 27, 2016, StoneMor announced it would slash third quarter 2016 distribution to common unit investors by 50% compared to the previous quarter. This news drove the price of StoneMor units down nearly 45% to close at $13.74 on October 28, 2016.
In addition, SeekingAlpha published a report on October 31, 2016 concluding that StoneMor issued dilutive stock to new investors to pay old investors.
“We’re investigating StoneMor’s improper accounting, its use of non-GAAP financial metrics, and the source of funds distributed to investors,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding StoneMor 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
