According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Höegh LNG Partners LP (the “Partnership”) was facing issues with the PGN FSRU Lampung charter;
- 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;
- the Partnership would need to find alternative refinancing for its PGN FSRU Lampung credit facility;
- the PGN FSRU Lampung credit facility matured in September 2021, not October 2021 as previously stated;
- the Partnership would be forced to accept less favorable refinancing terms with regards to the PGN FSRU Lampung credit facility;
- Höegh LNG would not extend the revolving credit line to the Partnership past its maturation date;
- 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”;
- as a result of the foregoing, the Partnership would essentially end distributions to common units holders;
- 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;
- 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
- 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.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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