Glancy Prongay & Murray LLP ("GPM"), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased Gulfport Energy Corporation ("Gulfport Energy" or the "Company") (NASDAQ: GPOR) securities between May 3, 2019 and February 27, 2020, inclusive (the "Class Period"). Gulfport Energy investors have until May 18, 2020 to file a lead plaintiff motion.
If you suffered a loss on your Gulfport Energy investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email email@example.com or visit our website at www.glancylaw.com to learn more about your rights.
On February 27, 2020, Gulfport Energy disclosed that its third quarter 2019 financial statements should no longer be relied upon due to material misstatements. For the nine months ended September 30, 2019, Gulfport Energy (1) understated its accumulated depletion, depreciation, amortization and impairment by $554 million, (2) overstated its income from operations by $554 million, and (3) overstated its net income by $436 million.
On this news, Gulfport Energy’s stock price fell $0.0807, or nearly 9%, to close at $0.8196 per share on February 28, 2020, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that a material weakness existed in Gulfport’s internal control over financial reporting; (2) that, accordingly, Gulfport’s disclosure controls and procedures were ineffective; (3) that, as a result, Gulfport’s financial statements contained multiple misstatements; and (4) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased Gulfport Energy securities during the Class Period, you may move the Court no later than May 18, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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