Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Ultra Petroleum Corp. (UPLCQ)
LOS ANGELES--(BUSINESS WIRE)--Sep 17, 2020--
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming November 2, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Ultra Petroleum Corp. (“Ultra” or the “Fund”) (OTC: UPLCQ ) securities between April 13, 2017 and August 8, 2019, inclusive (the “Class Period”).
If you suffered a loss on your Ultra investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/ultra-petroleum-corp/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On August 9, 2019, Ultra disclosed total revenues for second quarter 2019 of $155.4 million, an 18% decline year-over-year. The Company also revealed that its vaunted horizontal well program had been effectively halted and lowered its 2019 projected capital investments to a range of $260 million to $290 million and annual production to a range of 3239 to 244 billion cubic feet equivalent.
On this news, Ultra’s stock price fell 31% to close at $0.09 per share. On August 22, 2019, NASDAQ formally delisted Ultra stock.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Ultra securities during the class period, you may move the Court no later than November 2, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20200917005180/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
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PUB: 09/17/2020 01:00 PM/DISC: 09/17/2020 01:01 PM