Law Offices of Howard G. Smith reminds investors of the upcoming May 18, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Gulfport Energy Corporation (Gulfport Energy or the Company) (NASDAQ: GPOR) securities between May 3, 2019 and February 27, 2020, inclusive (the Class Period).
Investors suffering losses on their Gulfport Energy 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 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 Energys 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 Gulfports internal control over financial reporting; (2) that, accordingly, Gulfports disclosure controls and procedures were ineffective; (3) that, as a result, Gulfports financial statements contained multiple misstatements; and (4) that, as a result, the Companys 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 if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you 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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