San Diego, CA -- (SBWIRE) -- 03/20/2017 -- VAALCO Energy is under investigation over potential securities laws violations. The investigation was announced on behalf of investors in NYSE:EGY shares in connection certain financial statements made by VAALCO Energy.
Investors who purchased shares of VAALCO Energy, Inc. (NYSE:EGY), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm focuses on whether a series of statements by VAALCO Energy, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
VAALCO Energy, Inc. announced its fourth quarter and full year 2016 results. VAALCO Energy, Inc. reported that its annual Total Revenue declined from $80.44 million in 2015 to $59.78 million in 2016 and that its Net Loss declined from $120.55 million in 2015 to $18.27 million in 2016. Among other things, VAALCO Energy, Inc. disclosed that it had identified a material weakness in its internal control over financial reporting. Specifically, VAALCO Energy, Inc. advised investors that the material weakness in controls resulted in adjustments prior to issuing financial statements that would have resulted in a misstatement if left uncorrected. Shares of VAALCO Energy, Inc. (NYSE:EGY) declined on March 14, 2017 to as low as $0.88 per share.
Those who purchased shares of VAALCO Energy, Inc. have certain options and should contact the Shareholders Foundation.
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