An investor in NYSE:LPR shares filed a lawsuit against Lone Pine Resources Inc and certain of its officers and directors in connection with certain statements made in the company’s IPO.
Investors who purchased shares of Lone Pine Resources Inc (NYSE:LPR) in the IPO, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
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 the Company 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 early June 2012.
On June 15, 2012, NYSE:LPR shares closed at $3.33 per share
Those who purchased shares of Lone Pine Resources Inc (NYSE:LPR) in the IPO, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego