LOS ANGELES--(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.
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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 email@example.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.
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