PHILADELPHIA, Feb. 28, 2020 /PRNewswire/ -- Kehoe Law
Firm, P.C. is investigating potential securities claims on behalf
of investors that purchased the securities of Gulfport Energy
Corporation ("Gulfport Energy" or the "Company") (NASDAQ:
GPOR).
If you purchased Gulfport Energy stock and suffered losses,
you are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804,
myarnoff@kehoelawfirm.com, info@kehoelawfirm.com, or
John Kehoe, Esq, (215) 792-6676,
Ext. 801, jkehoe@kehoelawfirm.com, to learn more about the Gulfport
Energy securities investigation or your potential legal
claims.
In a February 27, 2020 Form 8-K
filed with the SEC, Gulfport Energy disclosed that ". . .
management of Gulfport Energy Corporation . . . concluded, and the
Audit Committee . . . of the Company's Board of Directors . .
. concurred, that [Gulfport Energy's] previously issued unaudited
consolidated financial statements for the three and nine months
ended September 30, 2019, which were
included in [Gulfport Energy's] Quarterly Report on Form 10-Q for
the quarter ended September 30, 2019,
which was originally filed with the Securities and Exchange
Commission . . . on November 1, 2019
. . . should no longer be relied upon due to material
misstatements." [Emphasis added.]
Gulfport Energy stated that
[i]n the course of preparing the
consolidated financial statements for the year ended December 31, 2019, the Company identified a
misstatement of its depreciation, depletion and amortization and
impairment of oil and gas properties as of September 30, 2019 of approximately $554 million ($436
million net of the tax benefit) related to unrecorded
transfers of its unevaluated oil and natural gas properties into
the amortization base. This error impacted the related calculations
of [Gulfport Energy's] depreciation, depletion and amortization and
impairment of oil and natural gas properties for the three and nine
month periods ended September 2019.
Net (loss) income and income tax (benefit) expense have also been
impacted.
Additionally, Gulfport Energy stated that it
. . . has determined that a
material weakness in internal control over financial reporting
existed as of September 30, 2019, and
therefore the Company has concluded that its disclosure controls
and procedures as of September 30,
2019 were not effective. Therefore, the Company's previous
evaluation of its disclosure controls and procedures as of
September 30, 2019 should no longer
be relied upon.
Shares of Gulfport Energy declined sharply on this news, thereby
injuring Gulfport Energy investors.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary,
plaintiff–side law firm dedicated to protecting investors from
securities fraud, breaches of fiduciary duties, and corporate
misconduct. Combined, the partners at Kehoe Law Firm have
served as Lead Counsel or Co-Lead Counsel in cases that have
recovered more than $10 billion
dollars on behalf of institutional and individual
investors.
This press release may constitute attorney advertising.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/gulfport-energy-investors-have-you-suffered-gulfport-energy-losses-kehoe-law-firm-pc-investigating-securities-claims-against-gulfport-energy-corporation-on-behalf-of-gpor-shareholders-301013442.html
SOURCE Kehoe Law Firm, P.C.