Gas Carrier Dynagas Seeks Toss Of Investor Distributions Suit

Law360 (December 6, 2019, 2:40 PM EST) -- Dynagas LNG Partners LP asked a New York judge on Thursday to dismiss a stock-drop suit accusing the natural gas carrier of pulling a bait-and-switch with its shareholder distributions as revenues flagged.

The company said its filings with the U.S. Securities and Exchange Commission have always made it clear that Dynagas' ability to continue paying a 25 cents per share distribution was dependent on factors outside its control. Dynagas and its executives may have been optimistic but never said the distribution was guaranteed, and its reduction and eventual cut in the first half of 2019 was necessary and forewarned, according to...

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