HÖEGH LNG PARTNERS LP SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Höegh LNG Partners LP
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Höegh LNG Partners LP (NYSE: HMLP) between August 22, 2019 and July 27, 2021. The lawsuit seeks to recover Höegh LNG Partners LP shareholders’ investment losses.
If you purchased shares of Höegh LNG Partners LP (NYSE: HMLP) between August 22, 2019 and July 27, 2021 and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Höegh LNG Partners LP (the “Partnership”) (NYSE: HMLP) between August 22, 2019 and July 27, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of New Jersey and alleges violations of the Securities Exchange Act of 1934.
The Partnership was formed by Höegh LNG Partners Ltd. (“Höegh”). According to the complaint, Defendants made materially false and misleading statements and omitted to disclose that: (1) the Partnership was facing issues with the PGN FSRU Lampung charter (the “Charter”); (2) as a result, the charterer would commence arbitration to declare the Charter null and void; (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, not October 2021 as previously stated; (5) the Partnership would be forced to accept less favorable refinancing terms with regards to the PGN FSRU Lampung credit facility; (6) Höegh would not extend the revolving credit line to the Partnership past its maturation date; (7) Höegh would have very limited capacity to extend any additional advances to the Partnership beyond what was currently drawn under the facility; (8) the Partnership would essentially end distributions to common unitholders; (9) the COVID-19 pandemic was not the sole or root cause of the Partnership’s issues in Indonesia; and (10) neither the auditing, taxes, nor maintenance of the Charter were the root causes of the Partnership’s issues in Indonesia.
On July 27, 2021, the 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 revealed that it had received notice from Höegh that the Partnership’s revolving credit line would not be extended when it matured on January 1, 2023. On this news, the Partnership’s common unit price fell $11.57 per common unit, or 64%, to close at $6.30 per common unit on July 28, 2021, on unusually heavy trading volume, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than December 27, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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