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Warren Resources Inc (OTCMKTS: WRESQ) Investor Securities Class Action Lawsuit 08/11/2016

  • If you purchased shares of Warren Resources Inc (OTCMKTS: WRESQ, formerly NASDAQ: WRES), 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

Case Dismissed
Company
Warren Resources, Inc.
Security
OTCMKTS: WRESQ

Case Name
Warren Resources Shareholder Class Action Lawsuit 08/11/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Colorado

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

May 22, 2017 - The case was voluntarily dismissed.

August 11, 2016 - An investor in shares of Warren Resources Inc (OTCMKTS: WRESQ, formerly NASDAQ: WRES) filed a lawsuit in the U.S. District Court for the District of Colorado over alleged violations of Federal Securities Laws by certain Warren Resources Inc’s executive officers in connection with certain allegedly false and misleading statements made between November 4, 2014 to June 2, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Warren Resources Inc (OTCMKTS: WRESQ) common shares between November 4, 2014 to June 2, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 4, 2014 to June 2, 2016 certain of Warren Resources Inc's executive officers violated Sections 10(b) and 20(a) of the Securities Exchange Act by making materially misleading misrepresentations and omissions that Warren was well positioned to ride out and successfully navigate the market fluctuations, when, in fact, Warren Resources Inc was becoming increasingly insolvent.

Warren Resources Inc reported that its annual Total Revenue declined from $150.72 million in 2014 to $88.37 million in 2015 and that its Net Income of $24.03 million in 2014 turned into a Net Loss of $619.96 million in 2015.

On June 2, 2016, Warren Resources Inc and 5 affiliated companies, (collectively, the Debtors ) each filed a petition in the United States Bankruptcy Court for the Southern District of Texas seeking relief under Chapter 11 of the United States Bankruptcy Code.

Shares of Warren Resources Inc (OTCMKTS: WRESQ) declined from $6.66 per share in July 2014 to as low as $0.005 per share in August 2016.