SAN FRANCISCO, Oct. 26, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Ferrellgas Partners L.P. (NYSE:FGP) of the December 5, 2016 Lead Plaintiff deadline in the securities class action lawsuit filed in the U.S. District Court for the Southern District of New York.
If you purchased or otherwise acquired FGP between June 1, 2015 and 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 FGP@hbsslaw.com.
On September 28, 2016, Ferrellgas announced a net loss of approximately $665 million for fiscal 2016, a major reversal compared to the Company’s fiscal 2015 net profit of approximately $29 million. Ferrellgas’ President, CEO and director Stephen L. Warnbold resigned the same day without explanation.
Ferrellgas disclosed in its 2016 Form 10-K that its poor earnings were due mainly to $620 million in impairment charges from a June 2015 acquisition that were finally calculated and recorded in June 2016. The Company also announced its board may reduce the annual distribution rate to shareholders from $2.05 per common share to $1.00 per common share.
This news drove the Company’s price down over 21% to close at $13.00 on September 28, 2016. Nearly 6.4 million shares traded, or almost 16 times the average 10 day trading volume.
“Ferrellgas disclosed how it allocated and accounted for last year’s very large acquisition about three months ago. After seeing the numbers, investors now know most of the acquisition is worthless. We’re looking at those and other facts that inflicted damage on investors,” said Hagens Berman partner Reed Kathrein. “Defendants have offered no new words to sugarcoat the implosion and damage they’ve inflicted on investors.”
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 FGP@hbsslaw.com.
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