Lead Plaintiff Deadline: 01/19/2021
SUMMARY OF CASE:
A securities class action has been filed against Berry Corp. (BRY) on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired: (a) Berrycommon stock pursuant and/or traceable to the Company’s initial public offering conducted on or about July 26, 2018 (the “IPO” or “Offering”); or (b) Berry securities between July 26, 2018 through November 3, 2020. This case has been filed in the USDC – N.D.TX.
The Complaint alleges that on or around July 30, 2018, Berry completed its initial public offering (“IPO”), selling approximately 12.2 million shares priced at $14.00 per share.
On November 3, 2020, post-market, Berry reported its financial and operating results for the third quarter of 2020. Among other results, Berry reported non-GAAP EPS and revenue that both fell short of estimates. In addition, Berry reported that during the quarter, “the Company undertook certain operational improvements that caused temporary reductions in our production. Notably, we performed some plugging and abandonment activities that resulted in the temporary shut-in of nearby wells. Additionally, improved steam management reduced overall costs but temporarily increased water disposal and well maintenance needs, resulting in a slight decrease in production.”
On this news, Berry’s stock price fell $0.15 per share, or 5.28%, to close at $2.69 per share on November 4, 2020.