Philadelphia, Pennsylvania--(Newsfile Corp. - January 23, 2023) - A shareholder class on behalf of Berry Corporation investors has survived a motion to dismiss and the court has ordered settlement mediation in the matter.
The complaint alleged that the Registration Statement that Defendants used to sell shares in the July 16, 2018 IPO was materially false and misleading in two important respects: (1) it contained misleading statements about the potential risk of permitting delays and the inability to drill oil in identified sites when these risks had either already occurred or had a high risk of occurring in the near future, and (2) it omitted to disclose chronic internal deficiencies-which existed well before the Company went public-that prevented the Company from obtaining certain permits, the disclosure of which was mandated by SEC Regulation S-K.
After the Company went public, between August 2018 and August 2020, Berry's CEO, CFO, and COO made materially false and misleading statements on nearly a dozen occasions, assuring investors that the ability to secure permits was a non-issue at the Company.
Current long-term holders of Berry Corporation can seek corporate reforms, the return of company funds spent defending litigation, and a court approved incentive award if appropriate, at no cost what-so-ever.
If you would like to learn more about your rights, visit https://grabarlaw.com/the-latest/berry-corp-shareholder-investigation/, contact us at jgrabar@grabarlaw.com, or call 267-507-6085.
Attorney Advertising Disclaimer.
Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152145
Source: Grabar Law Office