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Lone Pine Resources Inc (NYSE: LPR) Investor Securities Class Action Lawsuit 05/25/2012

  • If you purchased shares of Lone Pine Resources Inc (NYSE: LPR) in the IPO, you have certain options and you should contact the Shareholders Foundation, Inc.

  • 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

Company
Lone Pine Resources Inc
Security
NYSE: LPR

Case Name
Lone Pine Resources Shareholder Class Action Lawsuit 05/25/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
Supreme Court of the State of New York County of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

April 28, 2014 - The lead plaintiff filed a notice of appeal.
March 31, 2014 - The court ordered the case closed.

March 27, 2014 - The court granted the defendants' motions to dismiss.

March 22, 2013 - Defendants filed motions to dismiss.

January 11, 2013 - The lead plaintiff filed an amended consolidated complaint.

November 16, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 31, 2012 - Lead plaintiff motions were filed.

June 20, 2012 - The case was removed from the Supreme Court of the State for New York, County of New York to the U.S. District Court for the Southern District of New York.

May 25, 2012 - An investor in shares of Lone Pine Resources Inc (NYSE: LPR now trading on the OTC sheets as LPRIQ) filed a lawsuit against Lone Pine Resources Inc and certain of its officers and directors in connection with certain statements made in Lone Pine Resources Inc’s IPO.

According to the complaint the plaintiff alleges that the prospectus for the IPO (initial public offering) of Lone Pine Resources Inc was materially false and misleading because it failed to disclose that Lone Pine Resources Inc had already experienced several significant events which had only been identified as potential risk factors within Prospectus.

On May 26, 2011, Lone Pine Resources Inc sold 15 million shares of NYSE: LPR common stock at $13 per share in its IPO.

Then on August 2, 2011, Lone Pine Resources Inc issued a press release announcing its financial results for the second quarter of 2011. Lone Pine Resources Inc reported that its oil price differential was “negatively affected by a sales pipeline disruption in the Evi area in late April that required volumes to be trucked to the market.” In an analyst call that day Lone Pine Resources Inc said that “[i]n late April, the major oil sales pipeline in the [Evi] area had ruptured and has been out of service ever since” and also that “the Evi area was impacted by a large forest fire in mid-May.” Lone Pine Resources Inc disclosed that these events resulted in increased costs and decreased production.

Within one year shares of Lone Pine Resources Inc (NYSE: LPR) fell from over $12 per share in June 2011 to slightly under $3 per share in June 2012.