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SAN DIEGO, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Höegh LNG Partners LP (NYSE: HMLP) ("Höegh” or the "Company"). The class action is on behalf of shareholders who purchased Höegh common stock between August 22, 2019 and July 27, 2021. If you wish to serve as lead plaintiff in this class action, you must move the Court no later than December 27, 2021.
According to the lawsuit, defendants throughout the Class Period made false and misleading statements and failed to disclose: (1) Höegh LNG Partners LP (the "Partnership") was facing issues with the PGN FSRU Lampung charter; (2) as a result, the PGN FSRU Lampung charterer would state that it would commence arbitration to declare the charter null and void, and to terminate the charter, and seek damages; (3) the Partnership would need to find alternative refinancing for its PGN FSRU Lampung credit facility; (4) the PGN FSRU Lampung credit facility matured in September 2021, not October 2021 as previously stated; (5) the Partnership would be forced to accept less favorable refinancing terms with regards to the PGN FSRU Lampung credit facility; (6) Höegh LNG would not extend the revolving credit line to the Partnership past its maturation date; (7) Höegh LNG would reveal that it "will have very limited capacity to extend any additional advances to the Partnership beyond what is currently drawn under the facility"; (8) as a result of the foregoing, the Partnership would essentially end distributions to common units holders; (9) the COVID-19 pandemic was not the sole or root cause of the Partnership’s issues in Indonesia, in 2019, before the pandemic, there were already a very low amount of demand in Indonesia for the Partnership’s gas; (10) the auditing, tax, nor maintenance of PGN FSRU Lampung were not the sole or root cause(s) of the Partnership’s issues in Indonesia; and (11) as a result, defendants’ statements about its business, operations, and prospects were materially false and misleading and lacked a reasonable basis at all relevant times. .
A lead plaintiff will act on behalf of all other class members in directing the Höegh class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Höegh class action lawsuit is not dependent upon serving as lead plaintiff.
If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (email@example.com) by email or phone at 619-814-4471. If emailing, please include a phone number. Additionally, you can [click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471