On or around 09/24/2019 (Other)
Filing Date: November 21, 2016
According to the law firm press release, the complaint charges StoneMor and certain of its current and former officers and directors with violations of the Securities Exchange Act of 1934. Specifically, according to the Complaint, StoneMor made false and misleading statements and/or failed to disclose during the Class Period: (1) that the Company's reported non-GAAP financial metrics were materially misleading and concealed the truth about the Company's actual financial condition; and (2) that the primary purpose of the Company's regular debt and equity offerings were to pay distributions to unitholders rather than to pay down indebtedness under the Company's revolving credit facility as publicly stated. As a result, StoneMor's statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis at all relevant times.
On February 21, 2017, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended complaint on April 24.
On October 31, 2017, the Court granted Defendants' Motion to Dismiss with leave to amend. Lead Plaintiffs filed a Notice appealing this decision on December 29. On September 24, 2019, the Court of Appeals affirmed the Order of the District Court.
Company & Securities Information
Defendant: StoneMor Partners, L.P.
Industry: Personal Services
Headquarters: United States
Ticker Symbol: STON
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.
First Identified Complaint
Judson Anderson, et al. v. StoneMor Partners, L.P., et al.