Höegh LNG Partners LP

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:

(1) Höegh LNG Partners LP 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) Höegh LNG Partners LP 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) Höegh LNG Partners LP would be forced to accept less favorable refinancing terms with regards to the PGN FSRU Lampung credit facility;
(6) Höegh LNG Holdings Ltd. would not extend the revolving credit line to Höegh LNG Partners LP past its maturation date;
(7) Höegh LNG Holdings Ltd. would reveal that it “will have very limited capacity to extend any additional advances to Höegh LNG Partners LP beyond what is currently drawn under the facility”;
(8) as a result of the foregoing, Höegh LNG Partners LP 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 Höegh LNG Partners LP’s gas;
(10) the auditing, tax, nor maintenance of PGN FSRU Lampung were not the sole or root cause(s) of Höegh LNG Partners LP’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.