Lawsuit filed for Investors in shares of Ultra Petroleum Corp (OTC: UPLCQ)
A lawsuit was filed on behalf of investors in Ultra Petroleum Corp (OTC: UPLCQ) shares over alleged securities laws violations.
An investor, who purchased shares of Ultra Petroleum Corp (OTC: UPLCQ), filed a lawsuit over alleged violations of Federal Securities Laws by Ultra Petroleum Corp.
Investors who purchased a shares of Ultra Petroleum Corp (OTC: UPLCQ), have certain options and for certain investors are short and strict deadlines running. Deadline: November 2, 2020. OTC: UPLCQ investors should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
Englewood, CO based Ultra Petroleum Corp., an independent oil and gas company, engages in the acquisition, exploration, development, operation, and production of oil and natural gas properties.
In April 2017, Ultra Petroleum Corp. exited a court-supervised reorganization under Chapter 11 of the U.S. Bankruptcy Code. According to Ultra Petroleum Corp., Ultra Petroleum exited the bankruptcy in “growth mode.” Ultra Petroleum Corp. stated that the Company was poised to maximize the value of its substantial oil and gas deposits (which they valued at $4.19 billion, including $1.5 billion of proved undeveloped reserves) through ramped up production in 2017 and 2018 and that Ultra Petroleum was on track to produce between 290 and 300 billion cubic feet equivalent (“Bcfe”) in 2017, with 25% production growth over these figures in 2018. Ultra Petroleum Corp represented that the Company had the financial and production flexibility to weather even a low-commodity-price environment and was set to ramp up well development with 10 rigs operating by 2018 on the back of an estimated $788 million capital budget. Accretive to this plan was the launch of a horizontal well drilling program, which Ultra Petroleum executives claimed was set to significantly expand the production capabilities of the Company’s existing wells.
Then, beginning in August 2017, soon after exiting bankruptcy, Ultra Petroleum Corp began issuing a series of revelations demonstrating that it could not grow production by any meaningful amount and that its wells were worth a fraction of the values previously represented.
Finally, on August 9, 2019, Ultra Petroleum announced disappointing results for the second quarter of 2019, disclosing that total revenues for the quarter had decreased 18%, that the Company’s horizontal well program had been effectively halted, and that it was lowering its 2019 projected capital investments to a range of $260 million to $290 million and annual production to a range of 238 to 244 Bcfe.
On August 22, 2019, Ultra Petroleum stock was delisted. And in May 2020, the Company was forced to enter bankruptcy proceedings yet again in order to seek a court-ordered reorganization.
The plaintiff claims that between April 13, 2017 and August 8, 2019, the defendants, inter alia: (i) materially overstated the value of Ultra Petroleum’s oil and gas reserves; (ii) materially misrepresented the Company’s ability to ramp up production and its financial flexibility; (iii) failed to disclose the Company’s extreme sensitivity to even a modest decline in natural gas prices; and (iv) concealed significant setbacks in the Company’s vaunted horizontal well drilling program.
Those who purchased shares of Ultra Petroleum Corp (OTC: UPLCQ) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North
San Diego, CA 92108
E-Mail: [email protected]
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
This release was published on openPR.
Originally Published on : https://www.openpr.com/news/2130548/lawsuit-filed-for-investors-in-shares-of-ultra-petroleum-corp
Contact/WhatsAPP: +91 7827887720 EMAIL: [email protected]
Disclaimer: The perspectives communicated in the article/news/press release above are those of the writers’ and don’t really speak to or mirror the perspectives of this website or its personnel. Except if in any case noticed, the writer is writing in his/her own ability. They are not expected and ought not to be thought to speak to legitimate thoughts, perspectives, or strategies of any individual, Institution, organization or foundation.