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If you purchased shares of Quest Energy Partners LP (NASDAQ: QELP), 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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November 1, 2011 - The court granted the lead plaintiffs' motion for distribution of net settlement funds.
November 29, 2010 - The court approved the settlement, the plan of allocation, the award of attorneys' fees and expenses and dismissed the action with prejudice.
August 13, 2010 - The court preliminarily approved the settlement.
July 9, 2010 - Parties filed a stipulation of settlement.
January 4, 2010 - More defendants filed a motion to dismiss.
December 28, 2009 - More defendants filed a motion to dismiss.
December 23, 2009 - Defendants filed a motion to dismiss.
November 10, 2009 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Quest Energy Partners LP (formerly NASDAQ: QELP) common shares between November 7, 2007 and August 24, 2008. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between November 7, 2007 and August 24, 2008.
September 24, 2009 - The lead plaintiffs and lead counsel were appointed.
December 24, 2008 - All cases were consolidated.
November 4, 2008 - Lead plaintiff motions were filed.
September 5, 2008 - An investor in shares of Quest Energy Partners LP (formerly NASDAQ: QELP) filed a lawsuit in the U.S. District Court for the Western District of Oklahoma against Quest Energy Partners LP over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff charges Quest Energy Partners LP and certain of its officers and directors with violations of the Securities Act of 1933. The complaint alleges that between November 7, 2007 and August 25, 2008 defendant issued materially false and misleading statements regarding Quest Energy Partners LP's business and financial results.
The complaint alleges violations of Section 11 and Section 15 of the Securities Act of 1933, including allegations of material misrepresentations and omissions in Quest Energy Partners LP's Registration Statement and Prospectus issued in connection with the Initial Public Offering (IPO) on November 7, 2007. In particular, despite raising $150 million in its IPO, Quest Energy Partners LP failed to properly disclose related party transactions between its former CEO and an entity he controlled. On August 25, 2008 Quest Energy Partners LP announced the resignation of CEO Jerry Cash after the Oklahoma Department of Securities’ inquiry concerning, among other issues, questionable transfers of Quest Energy Partners LP funds to an entity Mr. Cash controlled. Quest Energy Partners LP announced the creation of a special committee to conduct an internal investigation. After these announcements, the price of Quest Energy Partners LP (NASDAQ: QELP) shares had fallen dramatically.