Robbins Arroyo LLP: Jagged Peak Energy Inc. (JAG) Misled Shareholders According to a Recently Filed Class Action
Shareholder rights law firm Robbins Arroyo LLP announces
that a class action complaint was filed against Jagged Peak Energy Inc.
(NYSE: JAG) in the District Court, Denver County, State of Colorado. The
complaint is brought on behalf of all purchasers of Jagged Peak
securities pursuant to the company's public offering on January 27, 2017
(the "Offering"), for alleged violations of the Securities Act of 1933
by Jagged Peak's officers and directors. Jagged Peak, an independent oil
and natural gas company, focuses on the acquisition and development of
unconventional oil and associated liquids-rich natural gas reserves in
the Southern Delaware basin, a sub-basin of the Permian basin of West
Texas.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/jagged-peak-energy-inc.
Jagged Peak Accused of Filing Misleading Registration Statement
According to the complaint, on January 27, 2017, Jagged Peak held the
Offering, selling 31,599,334 shares at a price of $15.00 per share,
earning approximately $474 million in proceeds. However, Jagged Peak
officials issued misleading statements in the registration statement and
incorporated offering materials that the company filed with the U.S.
Securities and Exchange Commission in support of the Offering. In
particular, Jagged Peak presented a highly positive picture of the
company's business, performance, prospects, and acreage, while omitting
that many of its wells were positioned in an area where extractability
had not been tested, therefore presenting a significant risk that its
wells would produce less than other wells in the Southern Delaware
Basin. As investors learned of Jagged Peak's disadvantageous position,
Jagged Peak's stock has fallen approximately 20% since the Offering.
Jagged Peak Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leonid Kandinov at
(800) 350-6003, LKandinov@robbinsarroyo.com,
or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170609005679/en/
Copyright Business Wire 2017
Source: Business Wire
(June 9, 2017 - 2:19 PM EDT)
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