Law Offices of Howard G. Smith 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.
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, 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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