Dynagas LNG Partners

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The information contained on this web page is only a summary of information presented in more detail in the Notice of
(I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for Award of Attorneys’ Fees and Reimbursement Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional details.

Court-appointed settlement class representatives FNY Partners Fund LP (“FNY”), Mario Epelbaum, Scott Dunlop and Irving Braun (collectively, “Plaintiffs”), on behalf of themselves and the Settlement Class (as defined in 19 of the Notice ), have entered into a stipulation of settlement with the thirteen defendants named in the Action: Dynagas LNG Partners LP, Dynagas GP, LLC, Dynagas Holdings Ltd. (“Dynagas Holding”), George J. Prokopiou, Tony Lauritzen, Michael Gregos, Evangelos Vlahoulis, Alexios Rodopoulos, Levon A. Dedegian, UBS Securities LLC, (“UBS”), Stifel, Nicolaus & Company, Incorporated (“Stifel”), Morgan Stanley & Co. LLC (“Morgan Stanley”), and B. Riley FBR, Inc. (“B. Riley” and collectively, the “Defendants”).  The Settlement, if approved, will resolve all claims in the Action. In total, the Settlement will provide $4.5 million in cash in recovery to the Settlement Class, less fees and expenses.

If you are a member of the Class, your rights will be affected and you may be eligible for a payment from the Settlement, unless you timely request to be excluded.  The Class consists of:

all persons and entities who purchased or otherwise acquired Dynagas securities, purchased or otherwise acquired call options on Dynagas securities, or sold or otherwise transferred put options on Dynagas securities during the period from December 21, 2017 through March 21, 2019, inclusive. 

Excluded from the Class by definition are certain persons and entities (see paragraph 19 of the Notice ) or those who request exclusion pursuant to the instructions set forth in the Notice (see paragraphs 50 to 53 of the Notice ).

Please read the Notice to fully understand your rights and options. Copies of the Notice  and Claim Form  can be found in the menu on the left of this page.

Payments to eligible claimants will be made only if the Court approves the Settlement and a Plan of Allocation, only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.

 

YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

SUBMIT A PROOF OF CLAIM FORM POSTMARKED NO LATER THAN NOVEMBER 5, 2021. ONLY ONE PROOF OF CLAIM FORM NEEDS TO BE SUBMITTED.[1]

This is the only way to be eligible to receive a payment from the proceeds of the Settlement.  If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Claims (defined in ¶ 29 of the Notice ) that you have against the Defendants and the other Released Defense Parties (defined in ¶ 30 of the Notice ), so it is in your interest to submit a Claim Form.

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 15, 2021.

If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund.  This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Released Defense Parties concerning the Released Claims.

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 15, 2021.

If you do not like the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them.  You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class. 

GO TO A HEARING ON NOVEMBER 5, 2021, AT 10:00 AM, AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 15, 2021.

Filing a written objection and notice of intention to appear by October 15, 2021, allows you to speak in Court, at the discretion of the Court, about the fairness of the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses.  If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.

DO NOTHING.

If you are a member of the Settlement Class and you do not submit a valid Proof of Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

 

 

Please read the Notice carefully.  If you have questions, you may call the Dynagas LNG Partners LP Securities Litigation Help Line at 877-235-9861 or email info@DynagasSecuritiesLitigation.com. 



[1] Electronically submitted information will be considered “postmarked” on the date it is received by the Claims Administrator.

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