NEW YORK, NY / ACCESSWIRE / September 30, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Laredo Petroleum, Inc. ("Laredo" or the "Company") (NYSE:LPI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Laredo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 5, 2020, Laredo issued a press release announcing its financial results for the second quarter of 2020. Among other results, Laredo reported a net loss of $545.5 million, or $46.75 per diluted share. The press release also advised investors that "the Company filed an amended Form 10-Q for the quarter ended March 31, 2020" in order to "correct[] a $160 million understatement of the full cost ceiling impairment expense for the quarter ended March 31, 2020, which caused an understatement of the balances of accumulated depletion and impairment and accumulated deficit, and a corresponding overstatement of the same amount to both net income and the balance of our oil and natural gas properties as of March 31, 2020." On this news, Laredo's stock price fell sharply during intraday trading on August 6, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP