The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of Colorado on behalf of investors who purchased Ultra Petroleum Corp. (OTC: UPLCQ) securities between April 3, 2017 and August 8, 2019.
According to the Ultra lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose 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.
If you suffered a loss in Ultra you have until November 2, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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