The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Gulfport Energy Corp. Investo...
March 20 2020 - 2:00PM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of persons and entities that
purchased or otherwise acquired Gulfport Energy Corporation
(“Gulfport Energy” or the “Company”) (NASDAQ: GPOR) securities
between May 3, 2019 and February 27, 2020, inclusive (the
“Class Period”). Gulfport Energy investors have until May 18,
2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
On February 27, 2020, Gulfport Energy disclosed that its third
quarter 2019 financial statements should no longer be relied upon
due to material misstatements. For the nine months ended September
30, 2019, Gulfport Energy (1) understated its accumulated
depletion, depreciation, amortization and impairment by $554
million, (2) overstated its income from operations by $554 million,
and (3) overstated its net income by $436 million.
On this news, Gulfport Energy’s stock price fell $0.0807, or
nearly 9%, to close at $0.8196 per share on February 28, 2020,
thereby injuring investors.
The complaint alleges that defendants throughout the Class
Period made false and/or misleading statements and/or failed to
disclose: (1) that a material weakness existed in Gulfport’s
internal control over financial reporting; (2) that, accordingly,
Gulfport’s disclosure controls and procedures were ineffective; (3)
that, as a result, Gulfport’s financial statements contained
multiple misstatements; and (4) that, as a result, the Company’s
public statements were materially false and misleading at all
relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Gulfport Energy securities during the Class
Period, you may move the Court no later than May 18, 2020 to
ask the Court to appoint you as lead plaintiff. To be a member of
the Class you need not take any action at this time; you may retain
counsel of your choice or take no action and remain an absent
member of the Class. If you purchased Gulfport Energy securities,
have information or would like to learn more about these claims, or
have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Frank R.
Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the
Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007,
by email to info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200320005514/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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