Securities Class Action Filed on Behalf of Persons or Entities That Purchased Securities of Alta Mesa Resources, Inc. (f/k/a ...

Date : 03/20/2019 @ 9:27PM
Source : Business Wire
Stock : American River Bankshares (AMRB)
Quote : 14.87  0.0 (0.00%) @ 12:20PM

Securities Class Action Filed on Behalf of Persons or Entities That Purchased Securities of Alta Mesa Resources, Inc. (f/k/a ...

American River Bankshares (NASDAQ:AMRB)
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Entwistle & Cappucci LLP (“Entwistle & Cappucci”) today announced that it has filed a securities class action lawsuit (the “Action”) on behalf of (1) all persons or entities, excluding Defendants, that purchased or otherwise acquired securities of Alta Mesa Resources, Inc., f/k/a Silver Run Acquisition Corporation II (“Silver Run II” or the “Company”) during the period August 16, 2017 through February 25, 2019, inclusive (the “Class”), and were damaged thereby, and (2) all Silver Run II Class A shareholders as of the January 22, 2018 record date (the “Record Date”) that were entitled to vote on the proposed acquisition (the “Acquisition”) of Alta Mesa Holdings, LP (“Alta Mesa”) and Kingfisher Midstream LLC (“Kingfisher”). The Action is brought pursuant to Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934. Plaintiffs seek an award of damages, and prejudgment interest, to Plaintiffs and other Class members.

The relevant securities include Silver Run II’s Class A common stock (NASDAQ: AMR; formerly SRUN) and Alta Mesa’s public warrants (NASDAQ: AMRWW; formerly SRUNU). The case was filed in the United States District Court for the Southern District of Texas, Case No. 4:19-cv-01027, against Alta Mesa, Riverstone Holdings LLC and certain officers and directors of the Company (collectively, “Defendants”).

The complaint alleges that, during the Class Period, the Defendants made materially false and misleading statements and failed to disclose material adverse facts concerning the Company’s business and internal controls. In this regard, the complaint alleges that: (1) Silver Run II misled investors in order to complete the Acquisition of Alta Mesa and Kingfisher; (2) Defendants failed to disclose the operational setbacks that started to impact Alta Mesa and Kingfisher prior to the vote on the Acquisition; and (3) Defendants failed to disclose material weaknesses with the Company’s internal controls over financial reporting. As a result of Defendants’ false and misleading statements and omissions, Silver Run II’s securities traded at artificially inflated prices during the Class Period. The complaint also alleges that Silver Run II issued a false and misleading Proxy statement in order to induce shareholders to vote in favor of the proposed Acquisition.

The Action is related to claims asserted in the action captioned Plumbers & Pipefitters National Pension Fund v. Alta Mesa Resources, Inc., No. 19-cv-00920 (S.D.N.Y.), on behalf of investors that held Silver Run II Class A common stock as of the Record Date, as well as claims asserted in the action captioned Camelot Event Driven Fund, A Series of Frank Funds Trust v. Alta Mesa Resources, Inc., No. 19-cv-00957 (S.D. Tex.), on behalf of investors that held Silver Run II Class A common stock on the Record Date, as well as all persons or entities that purchased or otherwise acquired Silver Run II securities between March 24, 2017 and February 25, 2019, both dates inclusive.

If you wish to serve as a lead plaintiff in this matter, you must file a motion no later than April 1, 2019. Any member of the proposed Class may move to serve as a lead plaintiff in this matter through counsel of their choice, or they may choose to do nothing and remain a member of the Class.

If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact: Andrew J. Entwistle, Esq. of Entwistle & Cappucci at (512) 710-5960 or via e-mail at aentwistle@entwistle-law.com; or Robert N. Cappucci, Esq. of Entwistle & Cappucci at (212) 894-7200 or via e-mail at rcappucci@entwistle-law.com.

About Entwistle & Cappucci

Entwistle & Cappucci is a national law firm providing exceptional legal representation to clients globally in the most complex and challenging legal matters. Our practice encompasses all areas of litigation, including securities, antitrust, corporate transactions, general corporate and commercial, creditor’s rights and bankruptcy, corporate governance and fiduciary duty, government affairs, insurance, investigations and white collar defense. Our clients include public and private corporations, major hedge funds, public pension funds, governmental entities, leading institutional investors, domestic and foreign financial services companies, emerging business enterprises and individual entrepreneurs.

ENTWISTLE & CAPPUCCI LLPAndrew J. Entwistle, Esq. (aentwistle@entwistle-law.com)500 W. 2nd Street, Suite 1900-16Austin, TX 78701Telephone: (512) 710-5960

ENTWISTLE & CAPPUCCI LLPRobert N. Cappucci, Esq. (rcappucci@entwistle-law.com)299 Park Avenue, 20th FloorNew York, New York 10171Telephone: (212) 894-7200www.entwistle-law.com

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