An investors in NYSE:LPR filed a lawsuit Lone Pine Resources Inc and over alleged securities laws violations and investors, who purchased their NYSE:LPR in the May 2011 IPO or shortly after may 26, 2011 should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/09/2012 -- A lawsuit was filed against Lone Pine Resources Inc and certain of its officers and directors in connection with certain statements made in the company’s initial public offering (“IPO”) on May 26, 2011.
Investors who purchased shares of Lone Pine Resources Inc (NYSE:LPR) pursuant or traceable to the IPO on May 26, 2011 or shortly after May 26, 2011, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that Lone Pine Resources Inc allegedly made false statements of material facts in its prospectus issued in connection with its May 26, 2011 initial public offering. Specifically the plaintiff claims that Lone Pine Pine Resources Inc allegedly failed to disclose in its IPO documents that Lone Pine Resources Inc was facing significantly increased costs and disruption in production volumes attributed to a major oil sales pipeline rupture in late April 2011 and a large forest fire in the same area in Mid-May.
Then on August 2, 2011, Lone Pine Resources Inc issued a press release announcing its financial results for the second quarter of 2011. Lone Pine Resources Inc reported that its oil price differential was “negatively affected by a sales pipeline disruption in the Evi area in late April that required volumes to be trucked to the market.” In an analyst call that day Lone Pine Resources Inc said that “[i]n late April, the major oil sales pipeline in the [Evi] area had ruptured and has been out of service ever since” and also that “the Evi area was impacted by a large forest fire in mid-May.” Lone Pine Resources Inc disclosed that these events resulted in increased costs and decreased production.
Shares of Lone Pine Resources Inc (NYSE:LPR) fell from over $12 per share in June 2011 to as loaw as $2.49 on June 22, 2012.
On July 6, 2012, NYSE:LPR shares closed at $2.52 per share.
Those who purchased shares of Lone Pine Resources Inc (NYSE:LPR) pursuant or traceable to the IPO on May 26, 2011 or shortly after May 26, 2011, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
Shareholders Foundation, Inc.
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