Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of New Jersey on behalf of shareholders of Höegh LNG Partners LP who purchased shares between August 22, 2019 and July 27, 2021.
Höegh LNG and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 27, 2021, the Company disclosed that its quarterly cash distribution had been slashed from $0.44 per common unit to $0.01 per common unit, that its revolving credit line would not be extended when it matured on January 1, 2023, and that its parent company would have very limited capacity to provide additional future support, among other things.
On this news, Höegh LNG’s common unit price plummeted 64%, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until December 27, 2021 to request that the court appoint them lead plaintiff.