NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Ultra Petroleum Corp. ("Ultra Petroleum" or the "Company") (OTC: UPLCQ) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Ultra Petroleum securities between April 13, 2017 and August 8, 2019, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/uplcq.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading and/or failed to disclose that: (1) Ultra’s proved reserves were materially overstated and, therefore, worth hundreds of millions of dollars less than represented; (2) Ultra’s proved undeveloped reserves were of de minimis value because they contained low quality deposits that lacked a commercially viable path to development; (3) Ultra was unable to meet the production and development estimates provided to investors and such estimates lacked a reasonable basis; (4) Ultra was unable to withstand even a modest downturn in the price of natural gas because, inter alia, Ultra’s business had less financial and production flexibility than claimed; (5) Ultra did not have the technical or financial capabilities or available asset base to sustainably grow its oil and natural gas production by any meaningful amount; and (6) Ultra lacked the production capabilities or asset base necessary to meaningfully grow production through horizontal well drilling, and initial test wells were not representative of the Company’s actual horizontal well prospects.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/uplcq or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Ultra Petroleum you have until November 2, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.