DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Berry Corporation and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern Texas area on behalf of investors who bought (a) Berry common stock the Corporation (NASDAQ: BRY) in accordance with the company’s initial public offering on or about July 26, 2018 (the “Initial Public Offering” or the “Offering”); or (b) Berry Securities between July 26, 2018 and November 3, 2020 (the “Class Period”). Investors have until January 21, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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On June 29, 2018, the Company filed its registration statement on Form Sl for the IPO, which, following an amendment, was declared effective by the SEC on July 25, 2018 (the “Registration Statement”). On or about July 26, 2018, Berry went public, which saw the company begin trading on the NASDAQ Global Select market (“NASDAQ”). It issued 13 million shares of Berry common stock at a price of $ 14 per share for over $ 138 million in proceeds before costs. On July 27, 2018, Berry filed his prospectus with the SEC on Form 424B4 (the “Prospectus” and, along with the registration statement, the “Offer Documents”).
On November 3, 2020, Berry reported its financial and operating results for the third quarter of 2020. Berry reported non-GAAP EPS and revenue, both of which were below estimates. Additionally, Berry reported that the company made “some operational improvements during the quarter that resulted in temporary production declines. In particular, we did some plugging and demolition activities that resulted in the temporary shutdown of nearby wells. In addition, improved steam management reduced overall costs, but temporarily increased the need for water disposal and well maintenance, resulting in a slight decrease in production. ”
In that news, the company’s share price fell $ 0.15 per share, or 5.28%, to close at $ 2.69 per share on November 4, 2020, an 80.78% decrease from the IPO price.
The complaint filed on November 20, 2020 alleges that the offer documents were created negligently and, as a result, contained false statements about material facts, omitted material facts that were necessary in order not to mislead the statements contained therein and did not require information necessary for their creation according to the rules and regulations. Additionally, throughout the classroom, defendants made materially false and misleading statements about the company’s business, operational, and compliance policies. In particular, the Offer Documents and Defendants made false and / or misleading statements and / or did not disclose that: (i) Berry had materially overestimated its operational efficiency and stability; (ii) Berry’s operational inefficiency and instability would predictably require operational improvements that would disrupt business productivity and increase costs; (iii) the foregoing would have a predictable negative impact on the company’s income; and (iv) as a result, the Company’s offer documents and public statements were materially false and / or misleading and did not contain any information to be disclosed therein.
If, during the Class Period, you have purchased and / or attributed to and / or suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have any questions about the IPO or Berry securities You can contact Brandon Walker, Melissa Fortunato, or Marion Passmore by emailing email@example.com, by calling (212) 355-4648, or by completing this contact form for any notice or your rights or interests in relation to these matters. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.