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Oklahoma City, OK (March 20, 2020) – On March 17, 2020, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Gulfport Energy Corporation (NASDAQ: GPOR). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 3, 2019 through February 27, 2020. More specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) a material weakness existed in Gulfport’s internal control over financial reporting; (ii) accordingly, Gulfport’s disclosure controls and procedures were ineffective; (iii) as a result, Gulfport’s financial statements contained multiple misstatements; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 27, 2020, during after-market hours, Gulfport disclosed that its previously issued financial statements for the three and nine months ended September 30, 2019, “should no longer be relied upon due to material misstatements.”
Gulfport further advised investors that “the Company has reassessed its conclusions regarding its disclosure controls and procedures as of September 30, 2019 in light of the misstatements,” and, “[a]s a result, the Company has determined that a material weakness in internal control over financial reporting existed as of September 30, 2019, and therefore the Company has concluded that its disclosure controls and procedures as of September 30, 2019 were not effective.”
On this news, Gulfport’s stock price fell $0.08 per share, or 8.89%, to close at $0.82 per share on February 28, 2020.
Plaintiff seeks to recover damages on behalf of all Gulfport Energy Corporation shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, May 18, 2020 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at email@example.com