A lawsuit was filed on behalf of investors in Dynagas LNG Partners LP (NYSE: DLNG) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/07/2019 -- An investor, who purchased shares of Dynagas LNG Partners LP (NYSE: DLNG), filed a lawsuit over alleged violations of Federal Securities Laws by Dynagas LNG Partners LP.
Investors in Dynagas LNG Partners LP (NYSE: DLNG) have certain options and for certain investors are short and strict deadlines running. Deadline: July 16, 2019. NYSE: DLNG investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Monaco based Dynagas LNG Partners LP, through its subsidiaries, operates in the seaborne transportation industry worldwide.
On November 15, 2018, Dynagas LNG Partners LP announced that two of its vessels entered extended charter contracts at lower rates compared with prior charter contracts.
Then, on January 25, 2019, Dynagas LNG Partners LP 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 March 21, 2019, Dynagas LNG Partners LP announced its fourth quarter and full year financial results. Dynagas LNG Partners LP reported that its annual Total Revenue declined from $138.99 million in 2017 to $127.13 million in 2018 and that its Net Income declined from $17.33 million in 2017 to $3.61 million in 2018.
The plaintiff claims that between February 16, 2018 and March 21, 2019, the Defendants failed to disclose to investors 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, that, as a result of the reduced revenue, the Company's distribution was not sustainable, that the Company's ability to generate cash flow long term did not support its distribution levels, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Dynagas LNG Partners LP (NYSE: DLNG) have certain options and should contact the Shareholders Foundation.
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