Morganti Legal, P.C.: London-AIM and Toronto Stock Exchange Shareholders Issue a Lawsuit against Ithaca Energy, Inc.

TORONTO--()--Morganti Legal, P.C., announces that an investor has filed a shareholder lawsuit in Alberta against Ithaca Energy, Inc. (TSX and LSE AIM: “IAE”, CUSIP: 465676 and RNS No. 8462B) alleging that it made negligent statements about its investment quality between August 12, 2014 and February 24, 2015. The action seeks to provide access to justice to all investors regardless of their residency that purchased Ithaca Energy’s securities trade on the London-AIM, Toronto Stock Exchange, and over-the-counter exchanges in Germany and United States.

The shareholders allege that Ithaca Energy’s statements made in its August 12, 2014, November 13, 2014, and January 12, 2015, contained misrepresentations. The shareholder’s allegations are supported by disclosures published by Petrofac Limited, which contradict some of Ithaca Energy’s representations. Specifically, that the modification program being performed by Petrofac Limited to the FPF-1 continued to fall materially behind schedule and would likely not be completed even within the revised timeline.

On February 24, 2015, Ithaca Energy’s securities closed at $1.32 per share on the TSX (0.6625 GBp on the LSE AIM). On February 25, 2015, prior to the market opening and contrary to statements made just weeks earlier, that the FPF-1 floating production facility would not be completed until 2016. Ithaca Energy’s securities lost over 25% in value that day. Ithaca Energy’s securities listed on the TSX closed at $0.88 (0.4830322707 GBp on the LSE AIM).

Morganti Legal, P.C. is also evaluating whether Ithaca Energy even had the relevant and necessary insurance coverage to tug the FPF-1 floating production from the Remontowa shipyard to the Greater Stella Area at a time period that would allow it to obtain first hydrocarbons anytime during 2015.

All information tips from current and former employees and suppliers are kept confidential.

Morganti Legal, P.C. is a law firm that investigates, litigates and resolves economic and financial disputes.

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Contacts

Morganti Legal, P.C.
Andrew Morganti, 888-226-0845
Managing Partner
amorganti@morgantilegal.com

Contacts

Morganti Legal, P.C.
Andrew Morganti, 888-226-0845
Managing Partner
amorganti@morgantilegal.com