GPOR Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Notifies Shareholders of Investigation of Gulfport Energy and Encourages Investors to Contact the Firm
NEW YORK, March 3, 2020 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Gulfport Energy ("Gulfport" or "the Company") (NASDAQ: GPOR). Investors who purchased Gulfport securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/gpor.
The investigation concerns whether Gulfport and certain of its officers and/or directors have violated federal securities laws.
On February 27, 2020, 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 advised investors that "[i]n the course of preparing the consolidated financial statements for the year ended December 31, 2019, the Company identified a misstatement of its depreciation, depletion and amortization and impairment of oil and gas properties as of September 30, 2019 of approximately $554 million ($436 million net of the tax benefit) related to unrecorded transfers of its unevaluated oil and natural gas properties into the amortization base. This error impacted the related calculations of the Company's depreciation, depletion and amortization and impairment of oil and natural gas properties for the three and nine month periods ended September 2019. Net (loss) income and income tax (benefit) expense have also been impacted." 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 8.96%, to close at $0.82 per share on February 28, 2020.
If you are aware of any facts relating to this investigation, or purchased Gulfport shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/gpor. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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