A class action lawsuit has been filed against StoneMor Partners, LP in connection to allegations involving common stock in the company sold between January 19, 2012 and October 27, 2016. The lawyers at Fitapelli Kurta are interested in hearing from investors who have suffered losses investing in StoneMor Partners (NYSE: STON).
More specifically, the complaint alleges that StoneMor Partners falsely or misleadingly stated, or failed to disclose, that the non-GAAP financial metrics it reported were misleading, masking the true state of StoneMor’s financial condition; and that the chief aim of StoneMor’s regular equity and debt offerings was not to pay down indebtedness through its revolving credit facility, per public statements, but rather to pay distributions to unitholders. Additionally, according to the complaint, StoneMor disclosed in September 2016 that it planned to revise consolidated financial statements so as “to correct certain accounting errors.” When StoneMor announced, on 10/27/16, a quarterly cash distribution totaling $.033/common unit—a 50% decrease from the previous quarter’s distribution—shares in StoneMor’s common units fell almost 45%, or $11.08 per share. They closed on 10/28/16 at $13.74/common unit on heavy trading volume.
According to the company’s website, StoneMor Partners “is one of the largest companies in the deathcare industry, servicing thousands of families in a caring personalized manner.” The description continues: “We draw upon more than 100 years of collective experience in the advanced planning and cemetery industry to serve families in the best possible manner – with dignity and understanding. We provide a broad scope of products and services through the ownership, development, and operation of cemeteries and funeral homes in multiple states. As we continue to grow, we will maintain our commitment to serving families locally with compassion, dignity, and honesty.”
A class action lawsuit has already been filed in connection with STON. If you wish to serve as lead plaintiff in the StoneMor Partners lawsuit, you must move the Court no later than January 20, 2017. If you wish to join the litigation, please contract Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.