SAN FRANCISCO, CA / ACCESSWIRE / March 26, 2020 / Hagens Berman urges investors in Gulfport Energy Corporation (GPOR) who have suffered losses in excess of $100,000 to submit their losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Gulfport Energy Corporation (GPOR) Securities Class Action:
The complaint alleges that, throughout the Class Period, Defendants made false and misleading statements about the effectiveness of the Company's internal controls and procedures over financial reporting and investor disclosures, as well as the accuracy of its financial statements.
Specifically, according to the complaint, Defendants misrepresented and concealed (a) material weaknesses in the Company's internal controls over financial reporting, (b) deficiencies in the Company's disclosure controls and procedures, and (c) resulting misstatements in the Company's financial reports.
Investors began to learn the truth, according to the complaint, on Feb. 27, 2020, when Gulfport disclosed that its 3Q 2019 financial statements contained material misstatements. Gulfport admitted it (1) understated its accumulated depreciation, depletion, and amortization (DD&A) by $553 million, (2) overstated its income from operations by $553 million, (3) overstated its net income by $436 million, and had a material weakness in its internal control over financial reporting.
This news drove the price of Gulfport shares sharply lower.
"We're focused on investors' losses and proving Gulfport intentionally misled investors with its admittedly faulty asset and expense accounting," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Gulfport and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Gulfport should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email GPOR@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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