HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Gulfport Energy (GPOR) Investors Who Have Suffered Losses to Contact its Attorneys: Firm Investigating Possible Securities Fraud
SAN FRANCISCO, Feb. 27, 2020 /PRNewswire/ -- Hagens Berman urges investors in Gulfport Energy Corporation (NASDAQ: GPOR) who have suffered significant losses to submit their losses now. The firm is investigating possible securities law violations, and certain investors may have valuable claims.
Relevant Holding Period: Before Feb. 27, 2020 |
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Sign Up: www.hbsslaw.com/investor-fraud/GPOR |
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Contact An Attorney Now: |
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844-916-0895 |
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Gulfport Energy Corporation (GPOR) Investigation:
The investigation concerns the propriety of Gulfport's accounting policies relating to the Company's oil and gas properties.
In past quarters, Gulfport represented that it complied with GAAP and affirmed the effectiveness of its internal control over financial reporting.
But on Feb. 27, 2020, Gulfport disclosed that its previously issued financial statements for the three and nine months ended Sept. 30, 2019 contained material misstatements and should not be relied upon. The Company's restated financial results contain shockingly large adjustments to previously reported results. For the nine months ended Sept. 30, 2019, Gulfport admitted it (1) understated its accumulated depletion, depreciation, amortization and impairment by $553 million, (2) overstated its income from operations by $553 million, and (3) overstated its net income by $436 million.
This news drove the price of Gulfport shares sharply lower that day.
"We're focused on investors' losses and whether Gulfport intentionally misled investors with its admittedly faulty asset and expense accounting," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Gulfport and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Gulfport should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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