Case Page

 

Case Status:    DISMISSED    
On or around 07/25/2013 (Other)

Filing Date: January 26, 2012

According to a press release dated January 26, 2012, the Company failed to disclose that: (a) it was allowing its customers to renew contracts on very short terms in order to sustain its utilization rates; (b) the lack of a lease renewal option on the Company's Norfolk, Virginia water treatment facility would require the Company to overpay for the purchase of the facility by $1.7 million in order to keep its oily water disposal business; and (c) the Company's debt situation was worse that reported so that a planned equity offering would be insufficient to protect the Company from breaching its financial covenants.

On January 28, 2010, before trading commenced, the Company revealed that it had incurred a $1.7 million charge in connection with overpaying for its water treatment facility due to lack of lease renewal options, the Company's vessel utilization was the lowest in a decade, and the Company’s dividend was suspended.

As a result of these revelations, the Company’s units plummeted $4.99 or 33.5%, to close at $9.89 on January 28, 2010, on exceptionally heavy trading volume over 23 times the daily average.

On May 9, 2012, the Court issued an Order appointing lead plaintiffs and approving their selection of lead counsel. On July 9, 2012, the plaintiffs filed their Amended Complaint.

One June 14, 2013, the Court issued an order granting the defendants’ motion to dismiss. Plaintiffs’ claims were
dismissed in part with prejudice and in part without prejudice. The Court also granted the director defendants' motion
to dismiss with prejudice the plaintiffs’ claims against them.

COMPANY INFORMATION:

Sector: Transportation
Industry: Water Transportation
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: KSP
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 12-CV-00509
JUDGE: Hon.William H. Walls
DATE FILED: 01/26/2012
CLASS PERIOD START: 01/30/2009
CLASS PERIOD END: 01/27/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C.
    5 Becker Farm Road , Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C., NJ 07068
    (973) 994-1700 (973) 994-1744 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 12-CV-00509
JUDGE: Hon.William H. Walls
DATE FILED: 07/09/2012
CLASS PERIOD START: 05/01/2009
CLASS PERIOD END: 01/27/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C.
    5 Becker Farm Road , Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C., NJ 07068
    (973) 994-1700 (973) 994-1744 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date