LOS ANGELES, CA / ACCESSWIRE / May 16, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Gulfport Energy Corporation ("Gulfport" or "the Company") (NASDAQ:GPOR) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
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The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Gulfport admitted on February 27, 2020, that its financial statements for both the three and nine-month periods ending September 30, 2019, "should no longer be relied upon due to material misstatements." The Company also disclosed, "the Company has reassessed its conclusions regarding its disclosure controls and procedures as of September 30, 2019 in light of the misstatements," and, "as a result, the Company has determined that a material weakness in internal control over financial reporting existed as of September 30, 2019, and therefore the Company has concluded that its disclosure controls and procedures as of September 30, 2019 were not effective." Based on these facts, the Company's public statements were false and materially misleading throu>ghout the class period. When the market learned the truth about Gulfport, investors suffered damages.
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SOURCE: The Schall Law Firm
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