-
If you purchased shares of Quest Resource Corporation (NASDAQ: QRCP), you might have certain options and 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
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
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 dismissing 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 (NASDAQ: QELP) common shares between November 7, 2007 and August 24, 2008. The lead plaintiff alleges 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 - Lead plaintiffs and lead counsel were appointed.
December 24, 2008 - Cases were consolidated.
November 4, 2008 - Lead plaintiff motions were filed.
September 5, 2008 - An investor in shares of Quest Energy Partners LP (NASDAQ: QELP) filed a lawsuit in the U.S. District Court for the Western District of Oklahoma against Quest Energy Partners LP and Quest Resource Corporation and certain current and former officers and directors.
The complaint alleges violations of Section 11 and Section 15 of the Securities Act of 1933 between November 7, 2007 and August 25, 2008, 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.
Quest Energy Partners LP and certain of its officers and a controlling entity are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the Quest Energy Partners LP’s IPO, in violation of the Securities Act of 1933. 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 shares has fallen dramatically.