In re Dynagas LNG Partners LP Securities Litigation, No. 19-04512 (S.D.N.Y.)
On May 17, 2019, E&C filed a securities class action in the Southern District of New York asserting claims under Sections 10(b), 20A and 20(a) of the Securities Exchange Act of 1934 against Dynagas LNG Partners LP (“Dynagas” or the “Company”), its subsidiaries and certain of its senior officers. The complaint alleges that the Defendants made materially false and misleading statements and omissions of material facts concerning the terms of the Company’s long-term contracts on its liquid natural gas ships, Arctic Aurora and Ob River. As a result of the Defendants’ misstatements and omissions, Dynagas securities allegedly 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 operating 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.
On August 12, 2019, the Court appointed E&C as Lead Counsel in the action. Thereafter, E&C filed an amended complaint on September 26, 2019. The Defendants moved to dismiss the amended complaint on December 5, 2019. Subsequently, on November 25, 2020, the Court issued an opinion granting in part and denying in part Defendants’ motion to dismiss.
After extensive negotiations, the parties reached an agreement to settle the litigation and moved for preliminary approval of the settlement on May 21, 2021. On June 10, 2021, the Court issued an Order granting preliminary approval of the settlement.
Important dates and deadlines for class members are below. You may also visit www.DynagasSecuritiesLitigation.com for more information about the settlement and upcoming deadlines.
Claim Filing Deadline. Proof of Claim Forms must be postmarked no later than November 5, 2021, to be eligible for a payment from the Settlement.
Exclusion Deadline. Anyone who wishes to be excluded from the settlement class must submit a written request for exclusion so that it is received no later than October 15, 2021, in accordance with the instructions in the Notice.
Objection Deadline. Any objections to the proposed settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of expenses, must be received no later than October 15, 2021, in accordance with the instructions in the Notice.
The Settlement Hearing. The settlement hearing will be held on November 5, 2021 at 10:00 a.m., before the Honorable Alison J. Nathan at the United States District Court for the Southern District of New York, 40 Centre Street, Courtroom 906, New York, NY 10007, to determine, among other things, whether the proposed settlement is fair, reasonable and adequate and should be approved; whether the proposed Plan of Allocation is fair, reasonable and should be approved; and whether Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of expenses should be approved.
To view copies of the relevant documents in the case, please use the following links:
- Amended Class Action Complaint
- Memorandum Opinion & Order Denying Defendants’ Motion to Dismiss
- Stipulation and Agreement of Settlement
- Preliminary Approval Order
- Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses
- Proof of Claim and Release Form