BENSALEM, Pa.–(BUSINESS WIRE)–$UPLCQ #classaction–Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Ultra Petroleum Corp. (“Ultra” or the “Company”) (OTC: UPLCQ) securities between April 3, 2017 and August 8, 2019, inclusive (the “Class Period”). Ultra investors have until November 2, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Ultra investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On August 9, 2019, Ultra disclosed total revenues for second quarter 2019 of $155.4 million, an 18% decline year-over-year. The Company also revealed that its vaunted horizontal well program had been effectively halted and lowered its 2019 projected capital investments to a range of $260 million to $290 million and annual production to a range of 3239 to 244 billion cubic feet equivalent.
On this news, Ultra’s stock price fell 31% to close at $0.09 per share. On August 22, 2019, NASDAQ formally delisted Ultra stock.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Ultra’s proved reserves were materially overstated and, therefore, worth hundreds of millions of dollars less than represented; (2) Ultra’s proved undeveloped reserves were of de minimis value because they contained low quality deposits that lacked a commercially viable path to development; (3) Ultra was unable to meet the production and development estimates provided to investors and such estimates lacked a reasonable basis; (4) Ultra was unable to withstand even a modest downturn in the price of natural gas because, inter alia, Ultra’s business had less financial and production flexibility than claimed; (5) Ultra did not have the technical or financial capabilities or available asset base to sustainably grow its oil and natural gas production by any meaningful amount; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased Ultra securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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