Investors Tell 3rd Circ. Cemetery Co. Knew It Was Short Cash
Law360, Philadelphia (November 1, 2018, 5:39 PM EDT) -- Investors who filed a proposed securities fraud class action against a cemetery operator and its affiliated companies urged the Third Circuit to revive their case Thursday, arguing before a three-judge panel that they plausibly alleged that the enterprise and its executives knowingly misrepresented the company’s source of distribution payments.
During oral argument before a three-judge panel in Philadelphia, an attorney for Peter Fan and other shareholders who sued StoneMor Partner LP entities in the wake of a sharp drop in unit prices said a Pennsylvania federal judge’s reasoning for dismissing the case was “inadequate” and contravened U.S. Supreme Court precedent....
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