NEW YORK, NY / ACCESSWIRE / November 22, 2021 / Pomerantz LLP announces that a class action lawsuit has been filed against Höegh LNG Partners LP ("Höegh LNG" or the "Partnership") (NYSE:HMLP) and certain of its officers. The class action, filed in the United States District Court for the District of New Jersey, and docketed under 21-cv-19613, is on behalf of persons or entities who purchased or otherwise acquired publicly traded Partnership securities between April 3, 2020 and July 27, 2021, inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Höegh LNG securities during the Class Period, you have until December 27, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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The Partnership was formed by Höegh LNG Holdings Ltd., a leading floating liquefied natural gas ("LNG") service provider. The Partnership's purported strategy is to own, operate, and acquire floating storage and regasification units ("FSRUs") and associated LNG infrastructure assets under long-term charters. The Partnership has interests in five FSRUs, including the PGN FSRU Lampung based in Indonesia. Through agreements and business structures briefly described below, the Partnership has a 100% economic interest in the PGN FSRU Lampung.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; and (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.