NEW YORK, Dec. 1, 2016 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces that it has filed a class action lawsuit on behalf of purchasers of Ferrellgas Partners, L.P. securities (NYSE: FGP) from December 10, 2014 through September 28, 2016, both dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for Ferrellgas investors under the federal securities laws.
To join the Ferrellgas class action, go to http://www.rosenlegal.com/cases-962.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action. NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Ferrellgas' propane sales were declining; (2) Ferrellgas' midstream logistics business was being negatively impacted by low crude oil prices; (3) as such, Ferrellgas' Adjusted EBITDA would fall below the Ferrellgas' projections; (4) Ferrellgas was becoming more and more leveraged; (5) in turn, Ferrellgas would need to obtain an amendment under the secured credit facility and accounts receivable securitization facility to increase the maximum leverage ratio to a range of 5.95x to 6.05x; (6) as a result, Ferrellgas would likely need to reduce its dividend; and (7) as a result, Defendants' statements about Ferrellgas' business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. The lawsuit claims that investors suffered damages when these details entered the market.