The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Ultra Petroleum Corp. (OTC: UPLCQ) who purchased shares between April 3, 2017 and August 8, 2019. The action, which was filed in the United States District Court for the District of Colorado, alleges that the Company violated federal securities laws.
In particular, the Ultra lawsuit alleges that (a) Ultra’s proved reserves were materially overstated and, therefore, worth hundreds of millions of dollars less than represented; (b) Ultra’s proved undeveloped reserves were of de minimis value because they contained low quality deposits that lacked a commercially viable path to development; (c) Ultra was unable to meet the production and development estimates provided to investors and such estimates lacked a reasonable basis; (d) Ultra was unable to withstand even a modest downturn in the price of natural gas because, inter alia, Ultra’s business had less financial and production flexibility than claimed; and (e) Ultra did not have the technical or financial capabilities or available asset base to sustainably grow its oil and natural gas production by any meaningful amount.
Shareholders have until November 2, 2020 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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