San Diego, CA -- (SBWire) -- 03/24/2022 --An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Höegh LNG Partners LP.
Investors who are current long term investors in Höegh LNG Partners LP (NYSE: HMLP) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for term investors in NYSE: HMLP stocks follows a lawsuit filed against Höegh LNG Partners LP over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: HMLP stocks, concerns whether certain Höegh LNG Partners LP directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of New Jersey the plaintiff alleges that, the defendants made false and/or misleading statements and/or 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/or to terminate the charter, and/or 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;
(11) 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.
Those who purchased shares of Höegh LNG Partners LP (NYSE: HMLP) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Hoegh LNG Partners LP (NYSE:HMLP) Long Term Shareholder Notice: Investigation of Potential Wrongdoing
An investigation on behalf of current long term investors in Hoegh LNG Partners LP (NYSE:HMLP) shares over possible breaches of fiduciary duty by certain officers and directors was announced.