The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Zion Oil & Gas, Inc. (NASDAQ: ZN) who purchased shares between March 12, 2018 and July 10, 2018. The action, which was filed in the United States District Court for the Northern District of Texas, alleges that the Company violated federal securities laws.
In particular, the ZN lawsuit alleges that (1) Zion was either already or was likely to soon become the subject of an U.S. Securities and Exchange Commission investigation; and (2) as a result, Zionâ€™s public statements were materially false and misleading at all relevant times. On March 27, 2018, Zion issued a statement on Twitter, denying an allegation on the social media platform that there was an SEC investigation of the Company underway. On May 30, 2018, the Company tweeted "There is no SEC investigation into Zion Oil & Gas, Inc." Then on July 11, 2018, Zion announced it had received a subpoena from the SEC to produce documents as part of a fact-finding inquiry. Following this news, shares of Zion fell 11% to close at $3.56 per share on July 12, 2018.
Shareholders have until October 9, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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