San Diego, CA -- (SBWire) -- 12/09/2020 --An investor, who purchased shares of Berry Corporation (NASDAQ: BRY), filed a lawsuit over alleged violations of Federal Securities Laws by Berry Corporation.
Investors who purchased a shares of Berry Corporation (NASDAQ: BRY) have certain options and for certain investors are short and strict deadlines running. Deadline: January 21, 2021. NASDAQ: BRY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Dallas, TX based Berry Corporation, an independent upstream energy company, engages in the development and production of conventional oil reserves located in the western United States. On or about July 27, 2018 Berry Corporation commenced an initial public offering ("IPO"), issuing 13,043,479 shares of common stock to the investing public at $14 per share.
On November 3, 2020, post-market, Berry Corporation reported its financial and operating results for the third quarter of 2020. Among other results, Berry reported non-GAAP EPS and revenue that both fell short of estimates. In addition, Berry reported that during the quarter, "the Company undertook certain operational improvements that caused temporary reductions in our production. Notably, we performed some plugging and abandonment activity that resulted in the temporary shut-in of nearby wells. Additionally, improved steam management reduced overall costs but temporarily increased water disposal and well maintenance needs, resulting in a slight decrease in production."
The plaintiff claims that the Offering Documents that were filed in connection with the company's IPO and that the Defendants made false and/or misleading statements and/or failed to disclose that Berry had materially overstated its operational efficiency and stability, that Berry's operational inefficiency and instability would foreseeably necessitate operational improvements that would disrupt the Company's productivity and increase costs, that the foregoing would foreseeably negatively impact the Company's revenues, and that as a result, the Offering Documents and the Company's public statements were materially false and/or misleading and failed to state information required to be stated therein.
Those who purchased shares of Berry Corporation (NASDAQ: BRY) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ: BRY Shareholder Notice: Lawsuit Alleges Misleading Statements by Berry Corporation
A lawsuit was filed on behalf of investors in Berry Corporation (NASDAQ: BRY) shares over alleged securities laws violations.