Bragar Eagel & Squire, PC reminds investors

0

NEW YORK, Nov. 22, 2021 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC, a nationally recognized law firm, reminds investors that a class action lawsuit has been filed against Höegh LNG Partners (“Höegh” or the “Company”) (NYSE: HMLP) in the United States District Court for the District of New Jersey on behalf of all persons and entities who purchased or otherwise acquired securities of Höegh between August 22, 2019 and July 27, 2021, both dates inclusive (the “Class Period.”) Investors have until December 27, 2021 to apply to the Court to be named lead plaintiffs in the lawsuit.

Click here to join the action.

According to the lawsuit, the defendants throughout the period of the action made false and / or misleading statements and / or failed to disclose: (1) Höegh LNG Partners LP (the “Partnership”) was facing issues with the PGN FSRU Lampung charter; (2) accordingly, the charterer of the PGN FSRU Lampung would declare that it would initiate arbitration to declare the charter null and void, and / or to terminate the charter, and / or to claim damages; (3) the Partnership would need to find alternative refinancing for its PGN FSRU Lampung credit facility; (4) the PGN FSRU Lampung credit facility matured in September 2021, and not October 2021 as previously indicated; (5) the Partnership would be forced to accept less favorable refinancing terms with respect to the PGN FSRU Lampung credit facility; (6) Höegh LNG would not extend the revolving credit line to the Partnership beyond its maturity date; (7) Höegh LNG would reveal that it “will have a very limited capacity to extend further advances to the Partnership beyond what is currently being pulled as part of the facility”; (8) as a result of the foregoing, the Partnership would essentially terminate distributions to Common Unitholders; (9) the COVID-19 pandemic was not the sole or root cause of the Partnership’s problems in Indonesia, in 2019, before the pandemic, there was already a very low demand in Indonesia for Partnership gas; (10) the audit, taxation or maintenance of PGN FSRU Lampung was not the only cause (s) of the limited partnership’s problems in Indonesia; and (11) as a result, the defendants’ statements about its business, operations and prospects were materially false and misleading and / or lacked reasonable basis at all material times.

On July 27, 2021, the limited partnership issued a press release revealing that its board of directors had reduced its quarterly cash distribution to $ 0.01 per common unit, down from a distribution of $ 0.44 per Common Unit in the first quarter of 2021. The Partnership also disclosed that it had received notice from Höegh that the Partnership’s revolving line of credit would not be extended when it matures on January 1, 2023. On this basis news, the price per common unit of the limited partnership fell $ 11.57 per common unit, or 64%, to close at $ 6.30 per unit common unit on July 28, 2021, on unusually high trading volume high, detrimental to investors.

If you have bought or acquired Höegh shares and suffered a loss, are a long-time shareholder, have information, want to know more about these claims or have questions regarding this announcement or your rights or interests in respect of these claims. questions, please contact Brandon Walker or Alexandra Raymond by email at [email protected], by phone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation for you.

About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York City, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertising. Past results do not guarantee similar results.

Contact details:
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
[email protected]
www.bespc.com


Source link

Share.

Comments are closed.