Founded in 1939, Ferrellgas Partners, LP. is an American supplier of propane.

According to the law firm press release, the Complaint filed in this action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company’s propane sales were declining; (2) that the Company’s midstream logistics business was being negatively impacted by low crude oil prices; (3) that, as such, the Company’s Adjusted EBITDA would fall below the Company’s projections; (4) that the Company was becoming more and more leveraged; (5) that, in response, the Company would need to obtain an amendment under the secured credit facility and accounts receivable securitization facility to increase the maximum leverage ratio to a range of 5.95x to 6.05x; (6) that, as a result of the foregoing, the Company would likely need to reduce its dividend; and (7) that, as a result of the foregoing, Defendants’ statements about Ferrellgas’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On January 19, 2017, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiff filed an amended Complaint on March 21. Defendants filed a Motion to Dismiss the amended Complaint on May 19. On March 30, 2018, the Court issued an Order granting Defendants' Motion to Dismiss, closing the case. Lead Plaintiffs filed a Notice appealing the Court's decision on April 30. On May 15, 2019, the Court of Appeals affirmed the judgment of the District Court.