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If you purchased shares of Delta Petroleum Corporation (OTC: DPTRQ), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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September 22, 2016 - The court ordered the authorization of the distribution of the net settlement fund.
June 13, 2016 - The court approved the settlement.
November 3, 2015 - The court preliminarily approved the settlement.
September 18, 2015 - Parties filed a stipulation of settlement.
September 30, 2013 - The court granted the defendants' motion to dismiss.
February 7, 2013 - The defendants' filed a motion to dismiss.
January 8, 2013 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Delta Petroleum Corporation (OTC: DPTRQ) common shares between March 11, 2010 and November 9, 2011. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 11, 2010 and November 9, 2011.
October 23, 2012 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
June 18, 2012 - Lead plaintiff motions were filed.
April 18, 2012 - An investor in shares of Delta Petroleum Corporation (OTC: DPTRQ) filed a lawsuit in the U.S. District Court for the District of Colorado against certain directors and officers of Delta Petroleum Corporation over alleged violations of Federal Securities Laws in connection with certain financial statements prior to the bankruptcy.
According to the complaint the plaintiff alleges on behalf of purchasers of Delta Petroleum Corporation (OTC: DPTRQ) publicly traded securities during the period between November 9, 2010 and November 9, 2011, that certain of Delta Petroleum Corporation’s officers and directors violated the Securities Exchange Act of 1934. Specifically the plaintiff claims that between November 9, 2010 and November 9, 2011, defendants issued allegedly materially false and misleading statements regarding Delta Petroleum Corporation’s business and financial results and as a result of defendants’ statements, Delta Petroleum Corporation’s stock traded at artificially inflated reaching a high of $11.70 per share on February 28, 2011.
Delta Petroleum Corporation reported that its annual Revenue fell from $194.94million in 2007, respectively $242.26million in 2008, to $146.81million in 2010. However it reported that its Net Loss decreased from $428.96million in 2008, respectively $328.78million in 2009 to $182.33million in 2010.
On November 9, 2011, Delta Petroleum Corporation announced is third quarter 2011 financial results. The Company reported a net loss of ($429.4) million, or ($15.40) diluted earnings per share, for the quarter ended September 30, 2011.
Delta Petroleum Corporation stock fell $1.34 per share to close at $0.71 per share on November 10, 2011, a one-day decline of 65% on volume of nearly 4.5 million shares.
Shortly after that Delta Petroleum Corporation filed for bankruptcy protection on December 16, 2011.