On or around 12/09/2020 (Date of last review)
Filing Date: May 16, 2019
According to the Complaint, Dynagas is a publicly traded company limited partnership that owns six tanker ships, designed for the transportation of liquified natural gas (“LNG”). These LNG tanker ships are operated by a Dynagas affiliate and are chartered to large energy companies including Statoil (now known as Equinor), Gazprom, and Yamal, typically for periods of eight to ten years.
The Complaint alleges that during the Class Period, the Defendants: (i) employed devices, schemes, and artifices to defraud; (ii) made untrue statements of material fact and/or omitted to state material facts necessary to make the statements not misleading; and (iii) engaged in acts, practices, and a course of business which operated as a fraud and deceit upon the purchasers of the Company’s securities in an effort to maintain artificially high market prices for Dynagas’s securities in violation of Section 10(b) of the Exchange Act.
On August 12, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on September 26. Defendants filed a Motion to Dismiss the amended Complaint on December 5. On November 25, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
Company & Securities Information
Defendant: Dynagas LNG Partners LP
Industry: Water Transportation
Ticker Symbol: DLNG
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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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
Mario Epelbaum, et al. v. Dynagas LNG Partners LP, et al.