Höegh LNG faces investor wrath over incorrect financial statements

Höegh LNG faces investor wrath over incorrect financial statements

News yesterday that Höegh LNG Partners has decided to restate its financial results for the whole of 2013, 2014 and the first quarter of 2015 sent its share price spiralling downwards and has nudged some investors to sue the company.

Höegh LNG Partners said the need to restate its financial statements was because it “has been reviewing its accounting treatment for certain Indonesian withholding and value added tax payments”.

Law offices in the US are now asking investors to pursue claims against Höegh LNG Partners claiming possible violations of federal securities laws in connection with false and/or misleading financial statements.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts