A lawsuit was filed on behalf of investors in Pacific Coast Oil Trust (NYSE:ROYT) shares over alleged securities laws violations and NYSE:ROYT investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/13/2015 -- An investor, who purchased shares of Pacific Coast Oil Trust (NYSE:ROYT), filed a lawsuit over alleged violations of Federal Securities Laws by Pacific Coast Oil Trust in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Pacific Coast Oil Trust (NYSE:ROYT) on May 2, 2012 in the Initial Public Offering ("IPO") and/or in the September 19, 2013 Secondary Offering have certain options and for certain investors are short and strict deadlines running. NYSE:ROYT investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The lawsuit was filed against Pacific Coast Oil Trust (NYSE:ROYT) and certain of its executives and directors and each of the investment banks that acted as underwriters in connection with Pacific Coast Oil Trust's May 2, 2012 IPO and Pacific Coast Oil Trust's September 19, 2013 Secondary Offering.
The plaintiff claims Pacific Coast Oil Trust's IPO and Secondary Offering Registration Statements contained materially incorrect or misleading statements and/or omitted material information that was required to be disclosed. More specifically, the plaintiff alleges that Pacific Coast Oil Trust misstated the level and predictability of cash distributions that would be paid to unitholders, the need for capital expenditures, that the interests of Pacific Coast Energy Company and unitholders were aligned when, in fact, Pacific Coast Energy Company's overriding interest was to limit capital expenditures along with operating costs, and that Pacific Coast Energy Company was able to and would use its technical and operational expertise to manage and control the timing of expenses and capital expenditures for the benefit of unitholders.
Pacific Coast Oil Trust reported that its annual Total Revenue declined from $70.08 million in 2013 to $54.97 million in 2014 and that its respective Net Income declined from $69.36 million to $54.09 million. Shares of Pacific Coast Oil Trust (NYSE:ROYT) declined from $19.85 per share in May 2012 to as low as $3.62 per share on March 18, 2015.
On April 9, 2015, NYSE:ROYT shares closed at $3.87 per share.
Those who purchased shares of Pacific Coast Oil Trust (NYSE:ROYT) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego