Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
FDA Fast-Tracks Approval of Altria’s on! PLUS Nicotine Pouches Under New Pilot Program 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
U.S. Lawmakers Urge Pentagon to Blacklist More Chinese Tech Firms Over Military Ties 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
7-Eleven CEO Joe DePinto to Retire After Two Decades at the Helm 
Bridgewater Associates Plans Major Employee Ownership Expansion in Milestone Year 
Elon Musk Wins Reinstatement of Historic Tesla Pay Package After Delaware Supreme Court Ruling 
Trump Signals Push for Lower Health Insurance Prices as ACA Premium Concerns Grow 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Delta Air Lines President Glen Hauenstein to Retire, Leaving Legacy of Premium Strategy 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
SAN FRANCISCO, Dec. 15, 2016 -- Hagens Berman Sobol Shapiro LLP reminds investors in StoneMor Partners, L.P. (NYSE:STON) of the January 20, 2017 Lead Plaintiff deadline in the accounting restatement securities class action lawsuit.
If you purchased or otherwise acquired StoneMor common units between January 19, 2012 and October 27, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/STON
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
On September 2, 2016, StoneMor announced that investors should no longer rely on the Company’s public financial statements issued between 2013 and the Company’s second quarter of 2016. The Company plans to restate financials after improperly allocating net losses to its General Partner.
On October 27, 2016, StoneMor announced it would slash third quarter 2016 distribution to common unit investors by 50% compared to the previous quarter. This news drove the price of StoneMor units down nearly 45% to close at $13.74 on October 28, 2016.
In addition, SeekingAlpha published a report on October 31, 2016 concluding that StoneMor issued dilutive stock to new investors to pay old investors.
On November 9, 2016, StoneMor filed its Form 10-K/A with the SEC to restate audited financial statements as of December 31, 2015 and 2014, and for each of the three years in the period ended December 31, 2015. The Company’s CFO (Seth McGrath) commented, “These additional adjustments consist of consolidated balance sheet reclassifications, clean-up of prior period entries that were previously determined to be immaterial to the financial statements, and other historical entries that relate to the GAAP recognition of customer contracts and the related obligations rather than generation of customer billings and related non-GAAP costs….” Further, “we will no longer be able to provide Adjusted EBITDA as a performance metric within future earnings releases.”
“We’re investigating StoneMor’s improper accounting, its use of non-GAAP financial metrics, and the source of funds distributed to investors,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding StoneMor should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
