NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Gulfport Energy Corporation (“Gulfport” or the Company”) (NASDAQ: GPOR) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Gulfport securities between May 3, 2019, and February 27, 2020, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/gpor.
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/or misleading statements that: (i) a material weakness existed in Gulfport’s internal control over financial reporting; (ii) accordingly, Gulfport’s disclosure controls and procedures were ineffective; (iii) as a result, Gulfport’s financial statements contained multiple misstatements; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 27, 2020, 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 advised investors that “[i]n the course of preparing the consolidated financial statements for the year ended December 31, 2019, the Company identified a misstatement of its depreciation, depletion and amortization and impairment of oil and gas properties as of September 30, 2019 of approximately $554 million ($436 million net of the tax benefit) related to unrecorded transfers of its unevaluated oil and natural gas properties into the amortization base. This error impacted the related calculations of the Company’s depreciation, depletion and amortization and impairment of oil and natural gas properties for the three and nine month periods ended September 2019. Net (loss) income and income tax (benefit) expense have also been impacted.” 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 $0.08 per share, or 8.96%, to close at $0.82 per share on February 28, 2020.
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/gpor 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 Gulfport you have until May 18, 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.
