SAN DIEGO & DALLAS--(BUSINESS WIRE)--Header following the second paragraph should read: Berry Corporation (BRY) Misled Shareholders About its Operational Efficiency and Stability (instead of Berry Corporation (BRY) Misled Shareholders About its Ability to Support Online Learning During the Pandemic).
The updated release reads:
SHAREHOLDER ALERT: ROBBINS LLP ANNOUNCES BERRY CORPORATION (BRY) IS BEING SUED FOR MISLEADING SHAREHOLDERS
Shareholder rights law firm Robbins LLP announces that a purchaser of Berry Corporation (NASDAQ: BRY) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities Act of 1933 pursuant to the Company's initial public offering ("IPO") conducted on July 26, 2018, and the Securities & Exchange Act of 1934 between July 26, 2018 and November 3, 2020. Berry Corporation, formerly known as Berry Petroleum Corporation, is an independent upstream energy company that engages in the development and production of conventional oil reserves located in the western United States.
If you suffered a loss due to Berry Corporation's misconduct, click here.
Berry Corporation (BRY) Misled Shareholders About its Operational Efficiency and Stability
According to the complaint, Berry conducted its IPO on July 26, 2018, issuing 13 million shares of Berry common stock at $14 per share based on negligently prepared offering documents. Specifically, defendants failed to disclose that: (i) Berry had materially overstated its operational efficiency and stability; (ii) Berry's operational inefficiency and instability would foreseeably necessitate operational improvements that would disrupt the Company's productivity and increase costs; (iii) the foregoing would negatively impact the Company's revenues; and (iv) as a result, the Company's offering documents and public statements were materially false and misleading. On November 3, 2020, Berry reported its financial and operating results for third quarter of 2020. Berry reported non-GAAP EPS and revenue that fell short of estimates and that it had performed "operational improvements that caused temporary reductions in our production." On this news, the stock price fell over 5% to close at $2.69 per share on November 4, 2020, representing an over 80% decline from the IPO price.
If you purchased Berry Corporation (BRY) securities pursuant to its IPO or between July 26, 2018 and November 3, 2020, you have until January 21, 2021, to ask the court to appoint you lead plaintiff for the class.
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