BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Forest Oil Corporation (“Forest Oil” or the “Company") (NYSE:FST) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by Forest Oil concerning the Company’s financial performance and prospects.
Forest Oil is an independent oil and gas company engaged in the acquisition, exploration, development and production of oil, natural gas and natural gas liquids, primarily in North America. The investigation is related to the Company’s January 25, 2014, announcement of disappointing fourth quarter and year-end 2013 financial results. Among other things, the Company reported a decrease in total revenues – down from their year-ago level of $154.9 million to $88.49 million for 2013 – and a decrease of estimated proved reserves to 625 billion cubic feet – down from 1,363 billion cubic feet at December 31, 2012, as a result of 800 billion cubic feet of asset divestitures in 2013. Following this news, the price of Forest Oil shares dropped approximately 38%, to a closing price of $2.01 per share on February 26, 2013.
If you purchased Forest oil shares between October 3, 2013 and February 26, 2014, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.