Höegh LNG Partners LP

Höegh LNG Partners LP

Ticker: HMLP

Class Period Start: 08/22/2019

Class Period End: 07/27/2021

Registration Deadline: 12/27/2021

Höegh LNG Partners LP (‘Höegh” or the “Company”) operats and acquires floating storage and regasification units (“FSRUs”) which are used in the transiting and transferring of liquefied natural gas (“LNG”) through oceanic channels.

On July 27, 2021, Höegh announced that it had slashed its quarterly common unit distribution by 98% to preserve cash, a move motivated by near-term financing problems. According to the Company, its refinancing plans for the FSRU facility off the coast of Indonesia collapsed after the charterer of the vessel announced plans to enter arbitration to terminate the charter.

On this news, Höegh’s common unit price fell $11.57 per share, or 64%, to close at $6.30 per common unit on July 28, 2021, damaging investors.

A securities class action has been filed against Höegh on behalf of shareholders that purchased Höegh shares between August 22, 2010 through July 27, 2021.  This case has been filed in the U.S. District Court for the District of New Jersey.

The Complaint alleges that the defendants made materially false and/or misleading statements because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Partnership was facing issues with the PGN FSRU Lampung charter; (2) 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; (3) the Partnership would need to find alternative refinancing for its PGN FSRU Lampung credit facility; (4) the PGN FSRU Lampung credit facility matured in September 2021, not October 2021 as previously stated; (5) the Partnership would be forced to accept less favorable refinancing terms with regards to the PGN FSRU Lampung credit facility; (6) Höegh LNG would not extend the revolving credit line to the Partnership past its maturation date; (7) 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”; (8) as a result of the foregoing, the Partnership would essentially end distributions to common units holders; (9) 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; (10) 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 (11) 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.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.



Please Note

Neither the submission to nor the receipt of information by Lowey Dannenberg or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

* Indicates a required field.

Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.