Ultra Petroleum Corp.
Lead Plaintiff Deadline: 11/02/2020
SUMMARY OF CASE:
A securities class action has been filed against Ultra Petroleum Corp. (UPLCQ) on behalf of purchasers of the securities of Ultra Petroleum between April 13, 2017 through August 8, 2019. This case has been filed in the USDC – Colorado.
The Complaint alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose to investors that: (1) Ultra’s proved reserves were materially overstated and, therefore, worth hundreds of millions of dollars less than represented; (2) Ultra’s proved undeveloped reserves were of de minimis value because they contained low quality deposits that lacked a commercially viable path to development; (3) Ultra was unable to meet the production and development estimates provided to investors and such estimates lacked a reasonable basis; (4) Ultra was unable to withstand even a modest downturn in the price of natural gas because, inter alia, Ultra’s business had less financial and production flexibility than claimed; (5) Ultra did not have the technical or financial capabilities or available asset base to sustainably grow its oil and natural gas production by any meaningful amount; and (6) Ultra lacked the production capabilities or asset base necessary to meaningfully grow production through horizontal well drilling, and initial test wells were not representative of the Company’s actual horizontal well prospects. When the true details entered the market, the lawsuit claims that investors suffered damages.