Wolf Haldenstein Adler Freeman & Herz LLP Commences a Class Action Lawsuit Against New Source Energy Partners LP and Certain Underwriters on Behalf of All Persons and Entities Who Purchased New Source 11% Series A Cumulative Convertible Preferred Units — NSLP-PA
November 25, 2015 - 11:50 PM EST
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Wolf Haldenstein Adler Freeman & Herz LLP Commences a Class Action Lawsuit Against New Source Energy Partners LP and Certain Underwriters on Behalf of All Persons and Entities Who Purchased New Source 11% Series A Cumulative Convertible Preferred Units -- NSLP-PA
NEW YORK, Nov. 25, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that it filed a Complaint in the Supreme Court of the State of New York, County of New York, on behalf of all persons and entities who purchased New Source Energy Partners 11% Series A Cumulative Convertible Preferred Units (“Series A Preferred Units”) (NYSE:NSLP-PA) pursuant and/or traceable to Registration Statements, Prospectuses, and Prospectus Supplements (the “Offering Documents”) filed with the Securities and Exchange Commission (“SEC”) and pursuant to which the Series A Preferred Units were issued.
The Complaint charges defendants, including New Source Energy Partners L.P. (“New Source”), the underwriters of the Series A Preferred Units issued pursuant to the Offering Documents, and certain Individual Defendants, with violating the Sections 11, 12(2), and 15 of the Securities Act of 1933 by making misleading statements and omissions in the Offering Documents. It alleges that investors were damaged when the value of the Series A Preferred Units declined as a result of defendants’ wrongful conduct described in the Complaint.
On November 13, 2015, certain of the defendants removed the action to the United States District Court for the Southern District of New York, styled Case No. 1:15-cv-08954-KMW. A copy of the Complaint filed in this action and notice of removal can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com
New Source Energy Partners L.P. is an independent energy partnership engaged in the production of its onshore oil and natural gas properties that extends across conventional resource reservoirs in east-central Oklahoma and in oilfield services that specialize in increasing efficiencies and safety in drilling and completion processes.
On May 5, 2015, New Source initially priced 1.76 million units of the 11% Series A Cumulative Convertible Preferred Units at $25.00 per unit through underwriters Stifel, Nicolaus & Company, Robert W. Baird & Co., Janney Montgomery Scott, Oppenheimer & Co. and Wunderlich Securities.
On September 28, 2015, prior to the commencement of trading, New Source announced that due to a pending borrowing base deficiency under its revolving credit facility, it would be prevented from paying the quarterly cash distribution on its 11% Series A Cumulative Convertible Preferred units. As a result of this disclosure, the price of the publicly traded New Source 11% Series A Cumulative Convertible Preferred Units closed at $2.18, down $3.62 on the day.
If you purchased the New Source 11% Series A Cumulative Convertible Preferred Units, you may, no later than January 25, 2016, request that the Court appoint you lead plaintiff of the proposed class.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to “New Source litigation.” Plaintiff is also represented by Nussbaum Law Group, P.C. and Criden & Love, P.A.
Wolf Haldenstein Adler Freeman & Herz LLP
Correy Kamin, Esq. or Gregory Stone
Email: kamir@whafh.com, gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
