Federman & Sherwood Investigates Swift Energy Company
For Possible Violations of Federal Securities Laws
Oklahoma City, OK (November 11, 2014) – The law firm of Federman & Sherwood has initiated an investigation into Swift Energy Company [NYSE: SFY] with respect to possible violations of federal securities laws.
Swift Energy Company (“Swift”) is an oil and gas company engaged in acquiring, exploring, developing and operating oil and natural gas properties headquartered in Houston, Texas. Federman & Sherwood’s investigation focuses on allegations that Swift may have filed false and misleading information on its 2013 Form 10-K Annual Report and 2014 Form 10-Q quarterly report filed with the SEC. The Company announced in a press release on November 11, 2014 that “as a result of an error in the model used to determine historical ceiling test write-downs by including the tax effect of asset retirement obligations, it will restate financial results contained in its 2013 Form 10-K and 2014 Form 10-Q quarterly reports, as applicable, for the periods ended December 31, 2013, March 31, 2014 and June 30, 2014.”
The Company further announced that “its preliminary unaudited financial data for the period ended September 30, 2014 contained in its November 6, 2014 press release should not be relied upon. In addition the Company’s previously issued annual audited financial statements for the years ended December 31, 2013, 2012 and 2011 and the unaudited financial statements for the periods ended March 31, 2014 and 2013 and ended June 30, 2013 and 2014, should no longer be relied upon. These financial statement are to be restated on a timely basis.”
If you currently own common stock in Swift Energy Company, have any information to assist in our investigation, or have questions or concerns regarding this notice or your rights or interests in this matter, please click here to download and complete our Certification of Investment or you may contact William B. Federman with any questions you may have regarding this investigation. Federman & Sherwood has extensive nationwide experience in representing investors in securities, derivative and merger-related shareholder class actions, and has been appointed as lead counsel in multiple complex cases across the country.
Posted on Tue, November 11, 2014
by Robin Hester filed under