News & Media
Securities Class Action Filed on Behalf of Persons and Entities That Purchased Securities of Dynagas LNG Partners LP During the Period from February 16, 2018 through March 21, 2019, Inclusive
May 20, 2019
Entwistle & Cappucci LLP (“Entwistle & Cappucci”) announced Friday, May 17th it has filed a securities class action lawsuit on behalf of persons and entities that purchased securities of Dynagas LNG Partners LP (“Dynagas” or the “Company”) during the period from February 16, 2018 through March 21, 2019, inclusive (the “Class Period” and the“Class”). The case was filed in the United States District Court for the Southern District of New York (the “Court”), Case No.1:19-cv-04512, against Dynagas, certain associated entities and certain of the Company’s senior executives (collectively, “Defendants”).
The class action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that, during the Class Period, the Defendants made materially false and misleading statements and omitted material adverse facts to conceal the unfavorable terms of the Company’s long-term contracts on its liquid natural gas ships, Arctic Aurora and Ob River, and its resulting inability to sustain its quarterly distributions. As a result of the Defendants’ false and misleading statements and omissions, Dynagas securities traded at artificially inflated prices during the Class Period. Such inflation was removed when it was revealed that the Arctic Aurora and the Ob River were commencing employment under new extended charter contracts which were at lower rates compared to the previous charter contracts, thereby undermining the Company’s ability to make future distributions. The complaint seeks an award of damages, and interest thereon, to plaintiff and other Class members.
If you wish to serve as a lead plaintiff in this matter, you must file a motion with the Court no later than July 16, 2019. Any member of the proposed Class may move the Court to serve as a lead plaintiff in this matter through counsel of their choice, or they may choose to do nothing and remain a member of the Class.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact: Andrew J. Entwistle, Esq. of Entwistle & Cappucci at (212) 894-7200 or via e-mail at [email protected]; or Robert N. Cappucci, Esq. of Entwistle & Cappucci at (212) 894-7200 or via e-mail at [email protected].
To view the complaint, please follow the link below.