Press release from Business Wire
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Lone Pine Resources, Inc.
Tuesday, July 10, 2012
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Lone Pine Resources, Inc.19:15 EDT Tuesday, July 10, 2012 LOS ANGELES (Business Wire) -- Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of Lone Pine Resources, Inc. (“Lone Pine” or the “Company”) (NYSE:LPR) pursuant and/or traceable to the allegedly false and misleading Registration Statement and Prospectus issued in connection with the Company's May 26, 2011 initial public offering (the “IPO”). Lone Pine is an independent oil and gas exploration, development and production company which operates primarily in Canada. The Company's operations include the Western Canada Sedimentary Basin, including fields in the Deep Basin and the Evi area in the Peace River Arch. The Complaint alleges that the Registration Statement and Prospectus failed to disclose that the Company had already experienced several significant events, which in the Prospectus had only been identified as potential risk factors, including significantly increased costs and disruption in production volumes attributed to a major pipeline rupture in the Evi area in late April 2011 and a large forest fire in the same area in mid-May. On August 2, 2011, in a press release announcing Lone Pine's second-quarter 2011 financial results, the Company noted that while the oil price differential realized in second quarter 2011 had increased 15% compared to the first quarter, it was “negatively affected by a sales pipeline disruption in the Evi area in late April that required [oil] volumes to be trucked to market.” Following this news, the price of Lone Pine common stock declined over the next several days almost 30% from the IPO price, closing at $9.21 per share on August 11, 2011. No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Lone Pine common stock pursuant or traceable to the Company's IPO commencing May 26, 2011, you have certain rights, and have until September 4, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at 310-201-9150 or Toll-Free at 888-773-9224, by e-mail to firstname.lastname@example.org. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael Goldberg310-201-9150 or email@example.com