NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Gulfport Energy Corporation (“Gulfport” or the “Company”) (NASDAQ:GPOR) of the May 18, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Gulfport stock or options between May 3, 2019 and February 27, 2020 and would like to discuss your legal rights, click here: http://www.faruqilaw.com/GPOR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Gulfport securities between May 3, 2019 and February 27, 2020 (the “Class Period”). The case, Woodley v. Gulfport Energy Corporation et al., No. 1:20-cv-02357 was filed on March 17, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) a material weakness existed in Gulfport’s internal control over financial reporting; (2) accordingly, Gulfport’s disclosure controls and procedures were ineffective; (3) as a result, Gulfport’s financial statements contained multiple misstatements; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 27, 2020, during after-market hours, Gulfport disclosed that its previously issued financial statements for the three and nine months ended September 30, 2019, “should no longer be relied upon due to material misstatements.”
Gulfport further advised investors that “the Company has reassessed its conclusions regarding its disclosure controls and procedures as of September 30, 2019 in light of the misstatements,” and, “[a]s a result, the Company 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.”
On this news, Gulfport's stock price fell from $0.90 on February 27, 2020 to $0.82 on February 28, 2020: a $0.08 or 8.96% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Gulfport’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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