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.