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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Dynagas LNG Partners, CBL & Associates Properties, Floor & Decor Holdings, and RCI Hospitality Holdings and Encourages Investors to Contact the Firm
Globe Newswire 21-Jun-2019 9:30 PM
NEW YORK, June 21, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Dynagas LNG Partners, LP, CBL & Associates Properties, Inc., Floor & Decor Holdings, Inc., and RCI Hospitality Holdings, Inc. Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and omitted material adverse facts to conceal the unfavorable terms of the company's long-term contracts on its liquid natural gas ships, Arctic Aurora and Ob River, and its resulting inability to sustain its quarterly distributions. As a result of defendants' false and misleading statements and omissions, Dynagas securities traded at artificially inflated prices during the Class Period. Such inflation was removed when it was revealed that the Arctic Aurora and the Ob River were commencing employment under new extended charter contracts which were at lower rates compared to the previous charter contracts, thereby undermining the company's ability to make future distributions.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose in its SEC filings that the company was the target of a class action suit that could result in tens of millions or even hundreds of millions of dollars in liability. Specifically, the complaint alleges that defendants completely ignored their disclosure obligation, motivated by a desire to avoid bad publicity surrounding their dishonest nature and their dishonest conduct.
The complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding Floor & Decor's business and prospects. Specifically, the complaint alleges that each of the statements in the Registration Statement filed with the SEC regarding the current financial condition of the company were materially false and misleading. The complaint alleges that prior to the May 24 Secondary Offering, defendants knew, but failed to disclose, that the company had already begun to experience declining sales trends that would ultimately result in the reduction of its fiscal 2018 sales and adjusted earnings per share guidance, which had been increased as recently as May 2018. As a result of this adverse information being withheld from the market, the price of the company's stock was artificially inflated during the Class Period, allowing company insiders to sell more than 10.3 million shares of Floor & Decor common stock, including the shares sold in the May 24 Secondary Offering, for proceeds of more than $466 million.
The complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company's business, operations, and prospects. Specifically, the complaint alleges that defendants failed to disclose to investors that: (1) the company engaged in numerous transactions with the CEO, including lending him significant sums of money; (2) these practices were reasonably likely to lead to regulatory scrutiny of the company; (3) as a result of investigations into the company's governance, the company would be unable to timely file its financial statements; and (4) as a result of the foregoing, defendants' positive statements about the company's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis
For more information on the RCI Hospitality Holdings class action go to: https://bespc.com/rick/
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
