Höegh LNG Partners LP Investors With Substantial Losses Have Opportunity To Lead Class Action Lawsuit
Robbins Geller Rudman & Dowd LLP announces that purchasers of Höegh LNG Partners LP (NYSE: HMLP) publicly traded securities between August 22, 2019 and July 27, 2021, inclusive (the “Class Period”) have until December 27, 2021 to seek appointment as lead plaintiff in Sanchez v. Höegh LNG Partners LP, No. 21-cv-19374 (D.N.J.). Commenced on October 27, 2021, the Höegh LNG Partners class action lawsuit charges Höegh LNG Partners LP and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff of the Höegh LNG Partners securities class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Höegh LNG Partners securities class action lawsuit must be filed with the court no later than December 27, 2021.
CASE ALLEGATIONS: Höegh LNG Partners LP was formed by Höegh LNG Holdings Ltd., a leading floating liquefied natural gas (“LNG”) service provider. Höegh LNG Partners LP’s purported strategy is to own, operate, and acquire floating storage and regasification units (“FSRUs”) and associated LNG infrastructure assets under long-term charters. Höegh LNG Partners LP has interests in five FSRUs, including the PGN FSRU Lampung based in Indonesia.
The Höegh LNG Partners securities class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Höegh LNG Partners LP was facing issues with the PGN FSRU Lampung charter; (ii) as a result, the PGN FSRU Lampung charterer would state that it would commence arbitration to declare the charter null and void, and/or to terminate the charter, and/or seek damages; (iii) Höegh LNG Partners LP would need to find alternative refinancing for its PGN FSRU Lampung credit facility; (iv) the PGN FSRU Lampung credit facility matured in September 2021, not October 2021 as previously stated; (v) Höegh LNG Partners LP would be forced to accept less favorable refinancing terms with regards to the PGN FSRU Lampung credit facility; (vi) Höegh LNG would not extend the revolving credit line to Höegh LNG Partners LP past its maturation date; (vii) Höegh LNG would reveal that it “will have very limited capacity to extend any additional advances to [Höegh LNG Partners LP] beyond what is currently drawn under the facility”; (viii) as a result of the foregoing, Höegh LNG Partners LP would essentially end distributions to common units holders; (ix) the COVID-19 pandemic was not the sole or root cause of Höegh LNG Partners LP’s issues in Indonesia, in 2019, before the pandemic, there was already a very low amount of demand in Indonesia for Höegh LNG Partners LP’s gas; (x) the auditing, tax, or maintenance of PGN FSRU Lampung were not the sole or root cause(s) of Höegh LNG Partners LP’s issues in Indonesia; and (xi) as a result, defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On July 27, 2021, Höegh LNG Partners LP issued a press release which announced that: (i) Höegh LNG Partners LP 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; (ii) the refinancing of the PGN FSRU Lampung credit facility, which had been scheduled to close by the end of the second quarter of 2021, was not yet completed due to the failure by the charterer of the PGN FSRU Lampung to consent to and countersign certain customary documents related to the new credit facility; (iii) the PGN FSRU Lampung charterer stated that it will commence arbitration to declare the charter null and void, and/or to terminate the charter, and/or seek damages in relation to the operations of the vessel and its charter; (iv) the revolving credit line of $85 million from Höegh LNG Partners LP will not be extended when it matures on January 1, 2023; and (v) Höegh LNG Partners LP will have very limited capacity to extend any additional advances to Höegh LNG Partners LP beyond what is currently drawn under the facility. On this news, Höegh LNG Partners LP’s common unit price fell by approximately 64%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Höegh LNG Partners LP securities during the Class Period to seek appointment as lead plaintiff in the Höegh LNG Partners class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Höegh LNG Partners class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Höegh LNG Partners class action lawsuit. An investor’s ability to share in any potential future recovery of the Höegh LNG Partners class action lawsuit is not dependent upon serving as lead plaintiff.
Source: ROBBINS GELLER RUDMAN & DOWD LLP