LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of San Juan Basin Royalty Trust (“Trust” or the “Company”) (NYSE: SJT) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 20, 2021, the Trust announced that “it will not declare a monthly cash distribution to the holders of its Units of beneficial interest” due to “excess production costs for the June 2021 production month.” The Trust disclosed that “true-ups that occurred last month to the lease operating and capital cost categories for the January 2021 through April 2021 production months resulting in additional profits were made in error” and that “the June 2021 reporting month includes a reduction of $2,043,557.99 gross profits ($1,532,668.49 net to the Trust) due to corrections for those periods.”
On this news, the Company’s share price fell approximately 17% during intraday trading on August 20, 2021, as compared to the previous day’s close, thereby injuring investors.
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If you purchased Trust securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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