|Case Leaders:||Avi Josefson, Scott R. Foglietta|
Investors who suffered a loss and would like to learn more, click here to contact us.
On August 2, 2021 Bernstein Litowitz Berger & Grossmann LLP (“BLB&G”) announced it is investigating potential violations of the federal securities laws by by Höegh LNG Partners LP (“Höegh” or the “Company”) (NYSE: HMLP).
Höegh is a global company that owns a fleet of ships that provide services to the liquefied natural gas (“LNG”) industry world-wide. Specifically, the Company owns and operates floating LNG import terminals and floating storage and regasification units (“FSRU”). The Company also purports to be one of the most experienced operators of LNG carriers.
BLB&G’s investigation is focused on whether Höegh misled investors about the adequacy of its capital and finances.
On July 27, 2021, after the market closed, Höegh announced that it had slashed its quarterly common unit distribution by 98% in order to preserve cash to address near-term refinancing issues. Specifically, Höegh disclosed the collapse of the Company’s refinancing plans for its FSRU facility off the coast of Indonesia, after the charterer of the vessel challenged the Company’s new credit facility and the charter agreement with Höegh and announced its intent to commence arbitration to terminate the charter and/or seek damages from the Company. Höegh also announced that its parent company, Höegh LNG Holdings, will no longer provide financial support to the Company. On this news, Höegh’s stock price declined $11.57 per share, or approximately 65%.
The investigation is being led by BLB&G partners Avi Josefson and Scott R. Foglietta. If you have information that could assist in this investigation as a past employee or other interested party, or if you are a Höegh investor who suffered a loss and would like to learn more about our investigation, please contact BLB&G by submitting the form on the right-hand side of this page, or by calling 212.554.4444.
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