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Liquified Natural Gas Investor Class Action Lawsuit Overview:
- Who: An investor lodged a class action lawsuit against liquified natural gas company Höegh LNG LP and its top executives.
- Why: Roizman claims Höegh LNG misled investors about its relationship with a floating storage and regasification unit it charters.
- Where: The class action lawsuit is pending in New Jersey federal court.
Liquified natural gas terminal Höegh LNG injured investors by failing to disclose it was in a financial dispute with a floating storage and regasification unit (FSRU), a new class action lawsuit alleges.
Plaintiff Arthur F. Roizman claims Höegh LNG misled investors about the state of its relationship with Indonesia-based PGN FSRU Lampung, ultimately leading to financial injury to those with stock in the liquified natural gas company.
Roizman wants to represent a nationwide Class of investors or entities who purchased or otherwise acquired Höegh LNG securities between April 3, 2020 and July 27, 2021.
Liquified Natural Gas Co Investors Suffer Massive Losses, Alleges Class Action
The plaintiff says Höegh LNG’s stock price dropped 64 percent in one day in July 2021 after it was revealed that the relationship between the liquified natural gas terminal and the FSRU was strained and could potentially end due to a financing dispute.
Höegh LNG disclosed to investors that its quarterly distribution was decreasing from $0.44 per unit all the way down to $0.01 per unit due to the dispute, says Roizman.
PGN FSRU Lampung is currently tentatively locked into a charter with Höegh LNG until 2034, according to the class action lawsuit.
Höegh LNG had previously downplayed the issues it was having with PGN FSRU Lampung in April 2020 while acknowledging that it expected to experience some issues due to COVID-19, according to the class action lawsuit.
Roizman argues Höegh LNG violated the Securities Exchange Act of 1934. He is demanding a jury trial and seeking damages for himself and all Class Members.
A similar class action lawsuit was filed earlier this month against Liberty Oilfield Services by investors who claim the company misled them about the state of its finances.
Are you an investor misled into purchasing stock? Start a class action lawsuit here!
The plaintiff is represented by Thomas H. Przybylowski, Jeremy A. Lieberman, and J. Alexander Hood II of Pomerantz LLP.
The Höegh LNG Securities Class Action Lawsuit is Roizman v. Höegh LNG Partners LP, et al., Case No. 1:21-cv-19613, in the U.S. District Court for the District of New Jersey.
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One thought on Liquified Natural Gas Co Höegh LNG Misled Investors, Says Class Action Lawsuit
I’ve been cheated and I believe it’s unfair