XPLR Infrastructure LP Common Units representing limited partner interests (NYSE: XIFR)
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) XPLR was struggling to maintain its operations as a yieldco; (ii) Defendants temporarily relieved this issue by entering into convertible equity portfolio financing ("CEPF") arrangements while downplaying the attendant risks; (iii) XPLR could not buy out CEPFs before their maturity date without risking significant unitholder dilution; (iv) as a result, Defendants planned to halt cash distributions to investors and instead redirect those funds to, inter alia, buy out the Company's CEPFs; (v) as a result of all the foregoing, XPLR's yieldco business model and distribution growth rate was unsustainable; and (vi) as a result, Defendants' public statements were materially false and misleading at all relevant times.